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NOVEMBER DECEMBER 2014 ISSUE 32 JERSEY S BUSINESS MAGAZINE VIEW ONLINE AT BAILIWICKEXPRESS.COM Y GIFT GU XUR ID LU E LOOK SHARP ...why suited and booted is back in fashion in Jersey SHAPE UP How do we get more women on Jersey boards PAGE 24 PLEASE TAKE ONE Read the full interview on page 60 IN SI DE HEAD TO OK A B US LO IN E Stressed out by Gatwick Arrive relaxed in the heart of the capital TICKET CHANGES FREE London City Airport O2 Arena DLR Tube Canary Wharf 12 mins The Shard 19 mins Bank 22 mins Waterloo 23 mins Westminster 25 mins 10 mins 10 miles 5 miles 5 201 IN SS Graeme Millar Two years and 11 000 homes...JT update progress on Jersey s new broadband network SEE PAGE 50 Terms and conditions apply. I can see success. But how do I get there We ll help you get there. In business there s no substitute for a great idea. But there s also no substitute to having expert advice and the right funding and that s where we come in. Our specialist Relationship Managers have a deep understanding of factors affecting local businesses and are dedicated to supporting you with your business plans from your initial great idea through to expansion and beyond. Talk to your Relationship Manager or Russell Dutch Head of Business and Commercial Banking Jersey 44 (0) 1534 286581 russelldutch rbsint.com natwestinternational.com business The Royal Bank of Scotland International Limited trading as NatWest (NatWest). Registered Office P.O. Box 64 Royal Bank House 71 Bath Street St. Helier Jersey JE4 8PJ. Regulated by the Jersey Financial Services Commission. Over 18 s only. (Security may be required.) Internet e-mails are not necessarily secure as information might be intercepted lost or destroyed. Please do not e-mail any account or other confidential information. Calls may be recorded. WELCOME FURTHER INFORMATION PUBLISHERS If you would like to appear in Connect have a story to tell or simply want to receive a copy then please get in touch with the publishers Bailiwick Publishing (LCI) Fox Building Second Floor Suite La Rue des Pres St. Saviour JE1 3UP Telephone 01534 887740 CONNECT ONLINE For all the latest news and classifieds straight to your inbox visit www.bailiwickexpress.com and subscribe to our daily news service. EDITOR James Filleul Email editor bailiwickexpress.com WRITERS Ben Qu r e Email ben bailiwickexpress.com Gwyn Garfield Bennett Email gwyn bailiwickexpress.com Paula Thelwell Email paula bailiwickexpress.com ADVERTISING Mark Ferns Telephone 01534 510309 Email markferns bailiwickexpress.com SUBSCRIPTIONS Email info bailiwickexpress.com DESIGN AND PRODUCTION Mark Jackson Email mark bailiwickexpress.com Artwork under 10Mb in size may be sent to this address. It is not bad as stories go come to Jersey for a holiday play football on the beach with top professionals stay set up a successful small business and trade for close to 35 years. It was what came next that ruined it for Vince Vasiliou Hurricane Recession which was actually a perfect storm of fewer tourists and lower disposable income which he had to navigate with a jagged hole below the waterline in the form of high rents. His story is on page 60 we decided to tell it in this edition as it pulls together so many of the strands that have formed the texture of our economy in recent decades and it also casts a different perspective on the travails of the retail sector as it wasn t the internet which did for Vince The Tailor at the time of writing at least there isn t an app for that line of work. So from tailoring to technology the installation of fibre broadband continues across Jersey soon to be partnered by new 4G mobile broadband networks from the early part of next year very soon we will be one of the most connected places in the world. Right now we stand on the cusp of that position so on page 50 we take a look at where we are up to. While we are on the subject of the future this edition covers the final two months of 2014 and without wanting to cast the rest of the year aside in a few taps on the keyboard it is a period when we look ahead and make plans I hope our Business in 2015 supplement which you ll find on page 89 will help to map out the territory which we will all soon be treading on. Will 2015 be the year when the gender balance begins to swing more evenly between the sexes Well Connect is nothing if not diverse so this month we re also stepping tentatively into local boardrooms to look at the male female split. OK so the results (page 24) probably won t surprise you but isn t that exactly why we should take a good look Finally now that the ballot boxes have been tidied away for another three years we wanted to tip our hats to General Election 2014 to lay it to rest properly if you like before we finally turn and walk away. The images you tend to see on election night tend to be binary either smiling winner or tearful loser. As ever that rigid dichotomy steps neatly over the swirling currents that actually constitute the triumph and disaster of an election. Well not any more. On page 46 you ll find a far more sophisticated record captured by our photographer Gary Grimshaw. It looks better even if the result is still the same. Stay Calm and Read Connect. NOVEMBER DECEMBER S ISSUE This magazine can also be read online at www.bailiwickexpress.com Copyright Bailiwick Publishing LCI. All rights reserved. Reproduction in whole or in part without written permission is strictly prohibited. Views expressed by our contributors are their own. Editorial opinions expressed in this magazine are not necessarily those of Bailiwick Publishing. Bailiwick Publishing does not accept responsibility for the advertising content. While every effort is made to achieve total accuracy Bailiwick Publishing cannot be held responsible for any errors or omissions. James Filleul Editor Please recycle this magazine. Like Bailiwick Express on Facebook Follow us on twitter connectjersey www.bailiwickexpress.com NOVEMBER DECEMBER CONNECT 03 REGULARS LOCAL NEWS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 06 APPOINTMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 TECHNOLOGY Julian Box . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 UNPLUGGED Graeme Millar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 VIEWPOINT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 WHO S THE FOOL ................................... 58 NO ORDINARY DAY JOB Vincent Vasos Vasiliou . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 iSPY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 GLASS HALF FULL Dan Cattermole . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 HERE S THE THING... ................................ 68 DEADLY DIARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 LINKEDTo Karen Scott . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 MUSING OF A MARKETER Sam Watts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 THE ADVISER Olaf Blakeley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 24 74 56 06 89 SPECIAL REPORT It is an issue at that difficult point where business and politics collide our boardrooms are very grey and very male. Diversity in the boardroom is a mainstream political story in the UK and the EU but has been a long way from the local news political agenda here in Jersey. That could be about to change. Ben Qu r e reports. . 24 FEATURES IN PICTURES Election 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 BUSINESS DEVELOPMENT Jersey Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 BANKING Natwest Jersey. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 COMPLIANCE Santander . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 PROPERTY Appleby and ND Estates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Skipton International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 ESSENTIALS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 BUSINESS IN 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . 89 04 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com 36 CONTENTS 60 66 NOVEMBER DECEMBER 2014. CONTENTS 50 ISSUE 32. 38 14 WANT THE LATEST BUSINESS NEWS TO COME TO YOU Scan the QR code and click to send us your email address. www.bailiwickexpress.com NOVEMBER DECEMBER CONNECT 05 NEWS Want this magazine delivered to your home or office Email your name and address to subscriptions bailiwickexpress.com to subscribe 20 new jobs to be created at new town Co-op The Co-op say that a new store in Colomberie set to open late next year will create 20 new jobs. They plan to build a new 3 000 sq ft store on the ground floor of Colomberie and Grenville Street and the upper floors of the building will be turned into 19 social housing flats. In September the Co-op announced that 68 Jersey jobs were at risk over plans to close their warehouse operation and TotalSport. At the time chief executive Colin Macleod said that the cost-saving measures would reduce the pressure to put up prices to customers. He said that the Colomberie plans were part of a series of developments planned by the society. He said We are delighted to announce that we will be transforming the ground floor of this tired office building into a modern and convenient shopping experience for our members who live commute through or work in the south east of St Helier. Colomberie Locale will be an exciting addition to our store portfolio and will take its place alongside the new Grouville Locale in Jersey the new En Route at the GT Cars site in Guernsey the extended store at Maufant and the planned redevelopment of Charing Cross. These developments will deliver more choice and convenience for our members and will assist with the creation of new jobs in both islands. 06 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com Works the way you work. The only system you need for wealth management. NavOne is the world-leading wealth management system delivered by Touchstone and powered by Microsoft Dynamics NAV technology. Used by small to large trust and fund administration companies family offices private equity firms and specialist legal and accounting practices across 20 global jurisdictions NavOne helps increase operational efficiencies and reduces administration costs. For more information call 01534 818900 or visit touchstoneOne.com Delivered by Powered by NEWS For news stories every day visit www.bailiwickexpress.com to sign up to our daily email news service A taste of Jersey on the Embankment A Jersey restaurateur has joined up with a Michelinstarred chef and food writer to open a new restaurant in one of London s most iconic buildings and they ve got plenty of Jersey produce on the menu. Marie Jackson has opened Spring at Somerset House on the Embankment along with Skye Gyngell the Australian former head chef at The French House and former food writer for the Independent on Sunday. Besides nestling into the historic surroundings of Somerset House the former admiralty headquarters and home to the Inland Revenue and Registrar General now best known for its fountains and open air film festival the new restaurant will also be a showcase for Jersey seafood. Marie s brother and sister Louis and Vicky Jackson of the Fresh Fish Company will be supplying lobster crab turbot and sea bass to the restaurant from Jersey. Genuine Jersey chief executive John Garton said that he hoped the restaurant would help promote the appeal of Jersey produce. He said Both Skye and Marie are real champions of seasonality and using fresh British produce to create innovative dishes so I am delighted that our very own seafood will feature on the menu. I hope that Spring will become the place for Island businesses to entertain their clients in London and to showcase the high quality produce for which Jersey in renowned with British chefs and food lovers nationwide. Bank in St Aubin to close as customers move online Islanders won t be able to pop in to the bank in St Aubin for much longer. NatWest are closing their sub-branch at the beginning of next year because so many of their customers are banking online instead. NatWest Jersey s Executive Director of Branch & Premium Banking Jeff Williams said Banking has changed significantly over the last few years as more and more of our customers are banking with us where and when it is convenient for them such as 24 hour online or mobile services. As a result of these changes we have taken the difficult decision to close our NatWest Jersey St Aubin subbranch on Friday 2 January 2015. The number of customers using this branch has dropped by nearly 30% over the last four years whilst online and mobile transactions have grown by more than 200%. Customers will have to use NatWest s next nearest branch at Queenevais Parade but they may still be able to get cash out in St Aubin. The bank is hoping the new leaseholder will agree to keeping the cashpoint otherwise they say they will look to move it somewhere else in the vicinity. No jobs will be lost because of the branch closing staff are being redeployed to other Jersey based branches. Acquisition by Vantage Limited Insurance and pensions business Vantage has acquired Capital Insurance Brokers (CI) Limited for an undisclosed sum. Under there terms of the deal - which has been granted regulatory approval - all of Capital s staff will be employed by Vantage and will move to work from their offices in Grenville Street St Helier. Richard Packman Managing Director of Vantage said I am delighted that we have had the opportunity to acquire Capital. Since our formation in 2006 we have steadily grown to become one of Jersey s leading specialist insurance and financial services companies and this transaction is in line with our controlled expansion. The integration of Capital Insurance into Vantage along with all employees joining us is an exciting part of our development. We have no plans to become the largest insurance firm on the Island as I feel this tends to allow firms to evolve into impersonal operations. Derek Marett Managing Director of Capital said I believe this is a positive move for clients who will now benefit from the greater resources and access to new insurance markets that Vantage has. In effect this will mean little change to our clients as they will continue to be looked after by the same personnel albeit from a different office. My team and I are looking forward to working with our new colleagues at Vantage. 08 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com A more direct approach to optimal cash management If the pinnacle is optimum efficiency we recommend taking the direct route. Equipped with a range of leading integrated cash management solutions fitted to your unique specifications we can facilitate the control of money throughout your organisation. To keep on top simply call 0207 574 3247 or speak to your Relationship Manager. Alternatively you can find out more by visiting us at barclays.com wealth cash Wealth and Investment Management Barclays offers wealth and investment management products and services to its clients through Barclays Bank PLC and its subsidiary companies. Barclays Private Clients International Limited part of Barclays is registered in the Isle of Man. Registered Number 005619C. Registered Office Barclays House Victoria Street Douglas Isle of Man IM99 1AJ. Barclays Private Clients International Limited is licensed by the Isle of Man Financial Supervision Commission registered with the Insurance and Pensions Authority in respect of General Business and authorised and regulated by the Financial Conduct Authority in the UK in relation to UK regulated mortgage activities. Barclays Private Clients International Limited Jersey Branch is regulated by the Jersey Financial Services Commission. Barclays Private Clients International Limited Jersey Branch has its principal business address in Jersey at 13 Library Place St. Helier Jersey JE4 8NE Channel Islands. Barclays Bank PLC Isle of Man Branch has its principal business address in the Isle of Man at Barclays House Victoria Street Douglas Isle of Man IM99 1AJ. Barclays Private Clients International Limited Guernsey Branch is licensed by the Guernsey Financial Services Commission under the Banking Supervision (Bailiwick of Guernsey) Law 1994 as amended and the Protection of Investors (Bailiwick of Guernsey) Law 1987 as amended. Barclays Private Clients International Limited Guernsey Branch has its principal place of business at Le Marchant House St Peter Port Guernsey Channel Islands GY1 3BE. NEWS Follow us on Twitter connectjersey Fag haul makes a packet for Customs Customs spotchecks to see if Islanders are bringing in over the legal limit of cigarettes has netted almost 20 000 in three months - but they say that it s mostly Islanders pushing their luck rather than organised commercial smuggling. This summer two extra Customs officers were taken on to find out how many of us were exceeding our duty free limit they stopped more than 4 000 people travelling into the Island and 7% of them were allowing themselves a bit more tobacco than they should. The exercise cost just over 18 000 but the officers confiscated almost 20 000 worth of duty during the three month period almost half was duty from the cigarettes that were seized and almost a quarter was from the duty from the hand rolling tobacco confiscated. Director of Legal Status and Revenue Steven Le Marquand said The three-month exercise has confirmed our previous view that commercial tobacco smuggling is not a high risk in the Island and that the Treasury is not losing millions in revenue as a result. Nevertheless a small amount of passengers continue to purchase tobacco in excess of the duty free allowance and officers will continue to take the necessary actions against such individuals. The commitment and efforts of the officers working on this exercise is to be commended. Customs officers have also been investigating a few cases of cigarettes and tobacco being advertised for sale on social media and they are warning Islanders that it s an offence to sell on any duty free goods. Jersey Business promotes retail badge of honour Jersey Business is encouraging the Island s retailers to equip their staff with the skills to deliver top class customer service. It is holding a number of open workshops for up to 100 people from retail outlets across the Island to gain WorldHost Retail Ambassador status. The Interim CEO of Jersey Business Eliot Lincoln said Customer service is at the heart of so many businesses in Jersey. We have a retail sector that is facing many challenges but is committed to making the customer experience as valuable as possible. We want to ensure these businesses are equipped with the right skills and tools to enable them to maximise every opportunity. Our aim is to create a community of retailers who care passionately about customer service and for Jersey to be known internationally as a customer friendly jurisdiction with WorldHost accreditation being an important step towards that goal. 10 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com NEWS Want this magazine delivered to your home or office Visit www.bailiwickexpress.com to subscribe Mont Orgueil turns purple The floodlights illuminating one of Jersey s most iconic monuments turned purple for one night taking on the brand colours of Skipton International as it celebrated the fifth anniversary as a Channel Islands bank. Skipton International was launched in 2009 following an amalgamation of Skipton Guernsey and Scarborough Channel Islands when their parent building societies merged in the UK. The bank has grown its mortgage book from 388 million in 2009 to 3 4 of a billion this year and rising. They have been the largest provider of new mortgages in Guernsey for the past four years and in Jersey have now surpassed the Guernsey lending book. The Managing Director of Skipton International Jim Coupe said everyone enjoyed the spectacle. We ve had some wonderful feedback and it s not hard to see why. The castle looked stunning and we were lucky to have the perfect weather and a high tide which meant Mont Orguiel was the perfect backdrop to the pretty harbour. Report finds that diverse boards are better for business With the European Parliament proposing to enforce a 40% quota for female non-executive directors on the boards of large listed companies by 2020 EY has published a report on the advantages for business of a diverse board. Titled Time for diversity accelerating performance in corporate boardrooms it includes interviews with board directors and chairmen from across Europe India and Africa. EY found that the greater the diversity among board members then it is likely to better motivate the workforce and executive team as well as relating to a broad customer base. The report also found a strong link between diversity and good risk management highlighting that those from different backgrounds are attuned to different kinds of risks and can challenge the executive team to manage these risks effectively. Wendy Martin EY s Channel Islands tax executive director said Whether the proposed EU legislation on female board representation is enforced or not this is undoubtedly a positive step towards global boardroom diversity. This is a great opportunity for Channel Island companies to review their own boards and diversity policies increased diversity is essential for streamlining performance in an era of globalisation. At EY having a diverse and inclusive workforce is a priority. The latest report helps emphasise how all businesses should look at accelerating diversity at board level. For more on this issue see out lead feature on page 24 of this edition. 12 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com NEWS Follow us on Twitter connectjersey Survey placing Island s finance industry below Glasgow not right Jersey Finance Jersey Finance have brushed off a new league table that places Jersey below Glasgow and Almaty in Kazakhstan as a finance centre saying it is down to shifting response rates and misses out recent flows of new business to the Island. Their comments come in response to the Global Financial Centres Index the latest edition of which ranked Jersey as 62nd out of 83 finance centres around the world 21 spots down from its position six months ago. The survey also removed the Island from its spot as the top-ranked offshore centre which it has held for six years. Richard Corrigan the deputy CEO of promotional body Jersey Finance said the latest GFCI survey showed that more responses were coming from North America and Asia markets that tended not to use Jersey as much. He added that Western Europe and all offshore centres had taken a hit in the most recent survey. Mr Corrigan said The fact is we continue to see strong flows of new business through Jersey with funds values having recently broken through the 200 billion mark stable bank levels more Jersey companies being listed on global exchanges than ever before and firms forecasting increases in profits and employment opportunities for local people. We also have higher standards of regulatory oversight and reporting than many onshore countries which again has not been reflected in our ranking this time. The GFCI measures finance centres on five criteria business environment financial sector development infrastructure human capital and a reputational and general factor. The survey results followed the economic GVA figures released last week that showed that while the finance industry still accounted for more than two-fifths of Jersey s economy it had shrunk by 3% in 2013. The figures showed that the size of the finance sector had contracted by a third since 2008. 14 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com NEWS For news stories every day visit www.bailiwickexpress.com to sign up to our daily email news service Tourism lifts off Almost two million people have come to Jersey already this year and the head of the Island s harbours and Airport says that he is expecting even better figures for the last few months of 2014. Up to the end of September over 1.8 million passengers were flown or ferried in to the Island a big improvement on the last couple of years and a welcome boost to the troubled tourism and hospitality industries who have been going through a bad patch for years. Jersey Airport has welcomed over 1.14 million air passengers up more than 3% on the same period last year. The busy summer months saw almost half a million passengers come from over 48 departure points across the British Isles and mainland Europe but it s the London market that s doing particularly well thanks to more daily flights. The Ports of Jersey s Group CEO Doug Bannister said This summer Jersey has once again been well served by an impressive range of departure points and destinations which demonstrate that if direct air links are made available and the prices are appealing then residents and visitors will take advantage of them. Fortunately this year we have not suffered from too many disruptions in terms of inclement weather and any great loss of air routes which has helped to maintain our passenger numbers. We are therefore hopeful and quietly confident that these figures will continue to rise through the remainder of the year and exceed our route development target of 2.5%. With 860 870 passengers sailing in to the Island before the end of September passenger figures are up 5% on the same period last year and up 8% on the year before although. There has been a slight dip in the numbers coming from the UK but the numbers coming from the other Channel Islands and France are on the up despite Condor s industrial dispute affecting figures for a while back in February as the company s French workers striked over pay and conditions. 16 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com The Skills Accelerator grant has helped me to attend courses in the UK enabling me to continue my professional development and expand my chiropractic skills and knowledge. I have been able to apply the treatment methods I have learnt at these courses to effectively treat my patients and help alleviate their pain. Gemma Weston GW Chiropractic Employees. Employers. Grants up to 4 000 still available for skills training. Skills Accelerator grants provide support to employees of local businesses (SMEs) to access training that will make a difference to the viability or diversification of their employer s business. Grants could support personal development vocational or specialist training and training for employees looking to progress to a new role. Successful applicants are offered a grant of up to 75% of the total balance of their training costs up to 4 000. Launched by Skills Jersey in September 2013 the grant has now received more than 225 applications. To be eligible for a grant applicants must be able to demonstrate their residential status and businesses must have been trading for a minimum of six months. For further information about the Skills Accelerator and how to apply visit gov.je Skillup Boosting Skills. Growing Business. A Skills Jersey Initiative NEWS For news stories every day visit www.bailiwickexpress.com to sign up to our daily email news service NEWS RE.VIEW CIPD Chartered Fellowship for Co-op s HR head The Channel Islands Co-operative Society s Chief Human Resources Officer has been awarded Chartered Fellowship of the Chartered Institute of Personnel Development. Donna Abel has 12 years experience in HR and is responsible for the society s HR strategy and promoting continued professional development for about 1 000 Co-operative employees. The Co-op s Chief Executive Officer Colin Macleod said As one of the largest employers in the Island it s fantastic that our Chief HR Officer has received recognition from the most well-respected industry body for HR professionals. I offer her my personal congratulations for her hard work and dedication. Mrs Abel joined the society in 1999 as a relief and trainee food store manager before moving to the posts of Training and Personnel Development Manager and HR Manager. She was promoted to Head of HR in 2007 and became Chief HR Officer last November. Also a Fellow of the Chartered Management Institute Mrs Abel has been appointed to the Board of the Jersey Advisory and Conciliation Services. Extreme challenge raises funds drug and alcohol charity Islanders who took part in a round-Island endurance event raised 9 780.88 for the Silkworth Charity Group. The first Silkworth Extreme Team Challenge took place in all 12 parishes to reflect the 12 Step recovery programme used by the charity to help those who suffer with drug and or alcohol addiction free themselves from substance dependency as the first step to a life of recovery. It began at dawn on 6 September with a coasteering leg from Gr ve de Lecq to Devil s Hole and continued in relay stages at sea along cliff paths and on roads as competitors competed by running cycling swimming and kayaking back to the start. It was won by a team from De La Salle which took six-and-a-half hours to compete the course - with Ten of Ya Best (Lloyds Bank) and Little Wonders tying for second place and Fully Charged (Jersey Electricity) coming third. In expressing his gratitude to everyone who took part in and supported the event the Chief Executive Officer of the Silkworth Charity Group Jason Wyse said the purpose of the event was not just to raise funds for the charity but also to raise awareness of the vital work it does helping to rebuild lives families and relationships devastated by substance abuse. The event was a huge success but what was most amazing was the camaraderie and team spirit that shone through until the very last competitor arrived back at Gr ve de Lecq exhausted but smiling I am grateful to everyone who took part. 18 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com Investment Outcome Preparing them for the World United Kingdom N51 31 45 W0 7 38 Where will your investments take you Your world isn t confined to a single set of geographic coordinates. Neither should your investments be. Our experts have access to investment ideas around the globe wherever they happen to be. Contact us to learn about the wealth management services we offer. 44 (0)1534 708090 canaccordgenuity.com Investments can fall in value and you might get back less than you invested. To us there are no foreign markets.TM Canaccord Genuity Wealth Management is a trading name of Canaccord Genuity Wealth (International) Limited ( CGWI ) which is licensed and regulated by the Guernsey Financial Services Commission the Isle of Man Financial Supervision Commission and the Jersey Financial Services Commission and is a member of the London Stock Exchange and the Channel Islands Securities Exchange. CGWI is registered in Guernsey no. 22761 and is a wholly owned subsidiary of Canaccord Genuity Group Inc. Registered office 2 Grange Place The Grange St. Peter Port Guernsey GY1 2QA. NEWS NEWS RE.VIEW Garden makeover at Samar s School A garden at Samar s School created in the memory of pupil Holly Deegan who sadly died six years ago has been refurbished with the help of staff from State Street. The garden is popular with the children and an employee of State Street who has children at the school suggested giving it a makeover would be a worthwhile project for her workmates. The 17-strong team cleared areas to create more space repainted the playhouse and varnished benches. New turf was laid and flower beds planted as part of the redesign project. A number of Jersey businesses also did their bit by kindly their time materials and plants. They were Normans WP Recycling Ltd Voluntary Team from Blue Watch Jersey Fire and Rescue New Lawns St Peter s Garden Centre Ransom s Garden Centre B&Q Pathways and Doucet Garden Services. The Managing Director of State Street in Jersey Mike Newton said This was an ideal community project for a number of our staff and I know everyone who gave their time is enormously glad to have played a part making the area more spacious for the children. It was very hard but rewarding work. Our teams went back several times and the Jersey Fire Service kindly helped to trim the trees that where flourishing over the garden. Travel group supports Holidays for Heroes The CI Travel Group has donated 2 000 to Holidays for Heroes Jersey the Channel Islands-based charity that offers holidays in Jersey to injured members of HM Forces past and present. The donation represents one pound for every one of the group s bookings travelling to Jersey during July and August. Travel Group s Managing Director Robert Mackenzie presented the donation to Richard and Dawn Woodhouse the founders of Holidays for Heroes Jersey. Speaking after the presentation and tour of the aircraft Mr Woodhouse said 20 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com We are thrilled and honoured to receive the donation of 2 000 from CI Travel Group. The success of the charity is due to the support we get from Islanders and the local business community CI Travel Group is a fine example of this generosity and we are very grateful. Holidays for Heroes Jersey is a Jersey charity whose aim is to provide a week s holiday in the Island to any past or present member of HM Forces injured in mind or body whilst during or resulting from their service. It was founded by Mr and Mrs Woodhouse in August 2008. Since then the charity has provided more than 1 600 holidays and thanks to the generous support received is going from strength to strength. Mr Mackenzie said Holidays for Heroes Jersey have provided an invaluable service to many injured members of the armed forces during the last six years and we are extremely happy to be supporting this fantastic charity. Jersey s relaxing atmosphere and friendly welcome are second to none and ensure that the charity s visitors can enjoy a wellearned break with their loved ones and families. We are honoured to share our Island with them. 20th November 2014 The Royal Yacht Jersey theoffshorecloud 2014 get the latest insights from leading analysts and thought leaders. Join us at this year s Offshore Cloud Conference. Discover the business advantages of cloud services learn about the latest trends in data security regulatory compliance and improving workforce productivity. Hear from industry experts and engage with Calligo s CONFIRMED SPEAKERS INCLUDE Clive Longbottom Strategic Analyst Quocirca Tikiri Wanduragala Senior Technologist IBM Peter Groucutt Managing Director Databarracks Karl Anderson CEO SafeLink Emma Martins Data Protection Commissioner for Jersey & Guernsey A Special Announcement Cryptocurrencies and the Offshore Cloud A Unique and Innovative Offering theo shorecloud global network of cloud partners. Meet our software partners that are collaborating to deliver the broadest range of off-shore business solutions trust administration payroll customer relationship management compliance secure data rooms and more. Presente d by Register free at www.calligo.net register Find the latest jobs online at www.bailiwickexpress.com Hawksford appoints new marketing manager Cherith Fothergill has joined Hawksford as marketing manager with responsibility for the planning and implementation of the independent wealth structuring group s marketing activities. Mrs Fothergill joins Hawksford from the Royal Bank of Scotland in London where she worked for three years most recently as a campaign manager strategic communications devising and implementing an award winning employee engagement programme. Before joining RBS she held higher education marketing positions at the universities of Cambridge Glasgow and St Andrews. Mrs Fothergill holds the Chartered Institute of Marketing Professional Certificate in Marketing and has a joint Honours degree from the University of St Andrews. Commenting on her new appointment Mrs Fothergill said Hawksford has built a distinctive brand and strong reputation as a leading fiduciary and funds provider. I am looking forward to identifying further growth opportunities for the business and engaging employees in the next stage of the Hawksford brand journey. Maxine Rawlins chief executive of Hawksford commented Cherith has extensive experience and I am pleased to welcome her to Hawksford. Hawksford is a progressive and innovative organisation and Cherith s fresh thinking will be a major boost to our marketing activities. Minerva Trust appoint new Group Managing Director STEP AGM elects new branch officers The new Chairman of the Jersey Branch of the Society of Trust and Estate Practitioners (STEP) is Lorraine Wheeler a former committee member of both the Bermuda and Suisse Romande branches. She takes over from Tony Pitcher who held the position for two years. Mrs Wheeler who was elected at the AGM is a client services director at First Names Group. She previously served as vice-chair and secretary of the Branch. The new vice-chairman is Advocate Naomi Rive Chief Trust Officer at Coutts and Andy Dobber Head of Compliance for Santander plc UK Jersey Branch became secretary. Commenting on her appointment Mrs Wheeler said I am looking forward to continuing the sterling work started by my predecessors in ensuring that the Jersey Branch of STEP provides its members with access to educational and networking opportunities in accordance with the aims and objectives of the Society. STEP is a professional body for trust and estate professionals worldwide providing its members with a local national and international Minerva Trust & Corporate Services Limited has announced the appointment of Steven Bowen as Group Managing Director. Based in Minerva s Jersey office Mr Bowen will be responsible for driving the performance and growth of the Minerva Group companies which are situated in Jersey London Geneva Mauritius Dubai Singapore Amsterdam. Steven has worked in the banking and fiduciary industry for over 30 years. He joins Minerva from Standard Bank where he worked for six years in a number of executive roles most recently as Global Head of the Private Clients Trust & Fiduciary business. Prior to joining Standard Bank Mr Bowen was employed by JP Morgan Chase for over 20 years where he held a number of senior roles. Vipin Shah Chairman of Minerva commented We are delighted to announce the appointment of Steven as Minerva s Group Managing Director. His extensive knowledge and wealth of experience will assist Minerva in working more effectively as a group with a common purpose and focus so that we can make the most out of the opportunities open to us within the unique markets in which we operate. Commenting on his recent appointment Mr Bowen said I am delighted to join Minerva. Minerva has been in existence for over 35 years and has grown considerably during that time but it has remained independent and family owned factors which are very important to clients today and which I believe will become increasingly so in the future. As a result Minerva is uniquely placed in the market and I look forward to leading the group in what is a very important and exciting time. learning and business network. The Jersey branch is one of the largest in the world with over 1 200 members 250 of whom are in the process of working towards STEP professional qualifications. Also re-elected at the AGM was Rosemary Marr (treasurer) and Simon Morgan was elected to the new position of deputy treasurer. One new committee member Edward Devenport was elected and he joins Christine Brown Edward Buckland Claire Cabot Tim Cartwright Tom Hardman Sue Munns Tony Pitcher and Henry Wickham all of whom were re-elected. 22 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com APPOINTMENTS Bank strengthens corporate services team responsibility for both corporate services and fund services in the Channel Islands. With 28 years experience in the finance industry she has worked in a broad cross-section of areas including retail corporate and private banking Deutsche Bank has strengthened its growing corporate services team in Jersey with three appointments. Jackie Foot returns to the Jersey office from Switzerland as the new Head of Global Transaction Banking with as well as wealth management and trust solutions. She joined the bank from Barclays in 2006 as the Head of Operational Risk for Channel Islands Cayman and Mauritius. In addition Carl McConnell and Marc Harris have both joined the corporate services team. Mr McConnell is a qualified English solicitor and sits on the board of a number of companies for market issuance aircraft leasing and asset holding vehicles. He has also acted on the board of a number of funds in private equity real estate and pre-IPO investments. Mr Harris who holds a diploma from the Institute of Chartered Secretaries joins Deutsche Bank after nine years in the trusts sector providing across a number of jurisdictions administration and company secretarial services to a variety of special purpose vehicles and structures. Andreas Tautscher Chief Executive for Deutsche Bank in the Channel Islands said Corporate Services is an important part of our Channel Islands proposition. The return of Jackie and the addition of Carl and Marc will bring huge benefits to this growing area of our business as we look to offer an enhanced range of operational risk governance and business management functions to the corporate and funds sectors. SALES LETTINGS MANAGEMENT PROPERTY CONDITION REPORTS The bigger picture on property A professional property services company with 5 sales and lettings agents for your property requirements call us today. Nick Dodsley Jo Dodsley - Directors Jeremy Le Rossignol Vinnie Brennan Mark Vibert Craig Roland James Leaman - Sales & Lettings Agents Alan Smith Kamila Krukowska - Sales & Lettings Administrators Tel. 629009 www.ndestates.com Email. sales ndestates.com 8b Spectrum Gloucester Street St. Helier or Shop 4 Eagle House Colomberie St. Helier www.bailiwickexpress.com NOVEMBER DECEMBER CONNECT 23 SPECIAL REPORT Getting more women on board It is an issue at that difficult point where business and politics collide our boardrooms are very grey and very male. Diversity in the boardroom is a mainstream political story in the UK and the EU but has been a long way from the local news political agenda here in Jersey. That could be about to change. Ben Qu r e reports. Last month UK Business Secretary Vince Cable wrote to 250 of the biggest listed companies in Britain. His letter was not a friendly one. To the 28 companies that had no women on their boards he warned that doing nothing was not an option and that he would continue to shine a spotlight on them until they got their act together. The letter co-authored by Lord Davies concluded This is not about political correctness. This is about good governance and good business. It was the latest intervention in a longshaming of the 28 recalcitrant firms that found themselves on the wrong side of the Business Secretary s missive will presumably push them further towards mending their ways. If Dr Cable s counterpart in Jersey were to write a similar letter he might be naming and shaming a fellow minister. The Treasury Minister ratifies board appointments to JT and represents the 62% shareholding that the public hold in Jersey Electricity neither of those companies has a woman on its board although JT does has a female board advisor. The boards of the other utilities the 100% States-owned Jersey Post and the 74% States-owned Jersey Water for which the Treasury Minster is also responsible each have one woman on them and the Appointments Commission responsible for best practice on senior appointments is somewhat ironically entirely male. There are studies that show that there are practical benefits to having a female voice on a board more on them later but what s most interesting about Dr Cable s letter is the closing line this isn t about political correctness or tokenism it s about intelligent decisions. If your board is entirely male entirely white and entirely 50 or over then you re missing out on the perspectives of a huge swathe of humanity not to mention potential customers. If your board members all have similar backgrounds education and interests you re also missing out on alternative viewpoints. Charlotte Valeur a Danish-born women now living in Jersey who has spent 30 years in investment banking and who sits on and chairs boards of listed companies says that it s time for Jersey to step up to the challenge laid down by Dr Cable. We want to offer people who are ready the opportunity to learn the trade. We take the apprentices through a full financial year. There is one scheme for people who have board experience already and one group for people who have reported to boards but not sat on them and they go to unlisted companies. running and difficult debate. The UK government s decision to set targets for women on boards as opposed to quotas appears to be working there are today no companies in the FTSE100 without at least one woman on the board for example and the 24 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com www.bailiwickexpress.com NOVEMBER DECEMBER CONNECT 25 Photography by Gary Grimshaw The London Stock Exchange is very supportive. If diversification doesn t happen then we can have a situation where their clients potentially risk being delisted if they do not diversify. SPECIAL REPORT Quotas on female representation on boards around the world The idea of quotas is a controversial and tricky one supporters say that it s the only way to force through change given that the corporate world has failed to motivate itself to address diversity issues and opponents say that in fields where fewer women work it leads to tokenism and pressure to create jobs for unqualified women. The European Parliament voted in November 2013 to pass draft legislation that would impose a 40% quota for female non-executive directors on the boards of large (more than 250 employees and global sales of 50 million or less) publicly listed companies by 2020 and 2018 for stateowned companies. For that quota to become law it would need the backing of EU member states which hasn t happened yet. According to a recent EY report titled Time for Diversity there are already quotas in Norway Belgium France Iceland Italy the Netherlands and Spain while Finland has a 40% target for female board appointments to state-controlled companies Kenya has passed a law saying no gender should make up more than two-thirds of state-owned companies boards South Africa is on the brink of a law requiring 50% representation of women in decision making positions in public and private structures and Malaysia plans to implement a quota from 2016. What are the practical implications of all of this What if there was evidence that having women on boards wasn t just good from a political PR point of view but was also demonstrably good for companies and the people who work for them Well perhaps there is the EY report highlighted a worldwide study by Credit Suisse in 2012 that found that between 2005 and 2011 the average return on equity for companies with at least one woman on the board was 16% - four percentage points higher than in companies with no female representation Boards in which everyone looks alike are often boards on which everyone thinks alike and that creates dangerous blind spots at the leadership of a company which is particularly hazardous at a time when technology is developing new opportunities and services so quickly. Instead of just talking about the issue she s working to solve it. Charlotte is one of the people behind the Board Apprentice Scheme which prepares people for the boardroom that s important because it means that there s a route to Non-Executive Director (NED) positions besides social contacts and because it provides a gateway to directorships of listed companies in particular. Often listed companies require directors to already have experience on a listed company s board creating a closed circle of available directors. The first apprentices are working www.bailiwickexpress.com NOVEMBER DECEMBER CONNECT 27 SPECIAL REPORT won t have achieved that much. I am looking at a global concept and Jersey will be a small part of it. I have just this weekend come back from New York where I have been talking to people looking to set up steering groups in Denmark Australia Germany and Spain. We have support from the 30% Club it s all run on a non-profit basis we simply exchange services. The London Stock Exchange is very supportive. If diversification doesn t happen then we can have a situation where their clients potentially risk being delisted if they do not diversify. What Charlotte is hinting at is government action in the form of quotas. That s been the approach taken in other countries but it s one that Britain has shied away from. Charlotte is against a government mandate on boardroom diversity because she says it s better to focus energy on improving access to the boardroom for women younger people people from different ethnic backgrounds and the disabled rather than a headlinegrabbing government edict which will lead to tokenism and Queen Bee syndrome where one female board member scares off others. She said What we do not want is quotas because that will put some token woman in places that might not be ready for it and therefore prove to everybody that it doesn t work. That is not what we are looking for. We are looking for it to work to move into this century and leave the last one behind. On many boards I have been the only woman. Luckily I have been working with men all of my life so I become one of the guys very easily. But that s not what we are looking for not women acting like men but women acting like women. A lot of the women who have done it through sheer hard work dressing like a man in a power suit but you lose some female qualities. Boards should be mentors and supporters. We should know more. We should have experience in specific areas. We cannot have blind spots. Likewise the Chairman of the Institute of Directors Wendy Dorman would not support quotas and says that the issue is better tackled at the supply side. through the scheme now one of them here in Jersey and Charlotte says that there is support in London and further afield. She said We want to offer people who are ready the opportunity to learn the trade. We take the apprentices through a full financial year. There is one scheme for people who have board experience already and one group for people who have reported to boards but not sat on them and they go to unlisted companies. We started in May and we have two that have started and up to seven in the On many boards I have been the only woman. Luckily I have been working with men all of my life so I become one of the guys very easily. But that s not what we are looking for not women acting like men but women acting like women. pipeline. One is here on a FTSE250 company that is good for Jersey. We are looking to diversify the pool of board-ready candidates. If the apprentices don t become NEDs we 28 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com on their boards. The report also noted a study by US academics that found companies with women on boards were a) less likely to make acquisitions and b) less likely to overpay when they did and a study by UK academics that found having just one woman on a board cut the risk of bankruptcy by 20%. For all of this talk about reflecting society what do Jersey s demographics look like Women make up 50.6% of the population (because they tend to live longer) but 47.7% of the working population (30 717 compared to 33 636 men). Jersey has one of the highest proportions of working women in the world but the reason for that is difficult to identify for sure it s partly because office administrative trades are dominant and partly because of the high costs of housing in relation to average earnings which mean that young mothers often do not have the option of not working. In terms of ethnicity the 2011 Census found that Islanders were 81.5% Jersey British Irish and 8.2% Portuguese and 3.3% Polish. The Census also found that Jersey was 97.7% white 1.1% Asian 0.4% Black and 0.7% mixed. Of the IoD s 626 members 120 are women and the majority of their members are between 40 and 60 but Wendy is optimistic about how things are changing on the circuit of NEDs. I am not someone who has ever been a fan of quotas because I do not think many women would like to be on a board because they needed a token woman she said. They would rather be there because they thought of them as the right person for the role. For me I would far rather see public opinion sway board appointments rather than legislation. I have heard people here who are on the circuit who are looking for new board positions saying I m at a disadvantage as a man. There are not that many women on the circuit and maybe that is partly because they do not need to do it. We do a NED event how many of the women at the last event were women One. Is it because they can t get the roles I don t think so. I think that there are the people out there with the skills and expertise who want to do it. A lot of the time it s something you do in semi-retirement how many women have reached the top of the professions www.bailiwickexpress.com NOVEMBER DECEMBER CONNECT 29 How do high profile Channel Island companies do in terms of having women on their boards The issue of diversity on boards goes beyond men and women it covers age religion and background. But the debate in the UK has mainly been about gender and female representation on boards. A quick sweep of the websites of a few high-profile Channel Island businesses shows that it s an issue here too. Proportion of women on the Board Channel Islands Co-operative Society Jersey Trust Company (Executive Board) Garenne Group (Camerons) C5 Alliance (listed as director or CEO) Sandpiper (listed as director or CEO) 3 8 2 7 1 7 1 12 0 6 SPECIAL REPORT What about women on boards in the public sector But surely the public sector that bastion of right-on tokenism would be far better Well no. The public sector in Jersey is a pretty broad entity if you include States-owned (or mostly States-owned) utilities and the various regulators and States-owned agencies. Even when you look at the accounting officers at States departments the senior staff who are ultimately responsible for spending women only make up only 11%. A quick sweep of the various boards shows that it s not much better than the private sector and in some cases it s quite a bit worse. Notable for it s lack of women is the Jersey Appointments Commission the board set up to ensure that senior job selection is fair efficient and conducted in accordance with best practice and procedures. I m not retired yet but when I came over in 1984 there were not that many women in the accountancy profession and that will take time to work through to the pool of NEDs. I think that over the next ten years things will change there s a drag effect of things changing within the professions plus demand goes up because there is public awareness and pressure on boards to be more diverse. Although other countries lean on academics and lawyers to fill directorships that has not tended to be the case in Britain where NED roles are often filled through social contacts. The normal justification for that is that directors need to be comfortable discussing things amongst each other a notion that clearly irritates Charlotte Valeur. She says that companies should be able to see for themselves the straightforward logic of diversity on boards - yes directors need experience and industry expertise but they also need to reflect society to better understand their market and customers and potential threats and opportunities. I want to open the doors to those clubs the boy s clubs and the former civil servant s clubs she said. It s not about being comfortable. It s about running a company. Forget about being comfortable. You are not there to find friends or be with your mates. You are there to lead. Be a leader be an example for the world to follow. They want to hold on to their fee income but you should care about how the company is run on the bigger scale of things the fees are not important. 30 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com Proportion of women on board States of Jersey Development Company Jersey Finance Jersey Post Jersey Water 2 7 2 9 1 7 1 7 Accounting officers of States departments 2 18 Jersey Financial Services Commission Jersey Appointments Commission JT Jersey Electricity 1 9 0 5 0 8 0 8 14 boards 118 members 16 women Specialists in Litigation. Our core practice areas Defendant Personal Injury and Clinical Negligence Contentious Trusts Professional Negligence Contentious Property and Planning We aim to provide the best possible advisory and advocacy services to clients tailored specifically to their particular needs. We are proud of our ability to resolve matters by the giving of legally sound commercially practical advice at sensible cost. A new and dynamic firm Legal 500 2014 Excellence. Commerciality. Innovation. PO Box 790 7 Library Place St Helier Jersey JE4 0SW Tel 44 (0)1534 760 860 Email enquiries benestlaw.com www.benestlaw.com BU S I N E S S D E V E LO P M E N T We have to accept that the world has changed and that change is good. The fundamentals of getting your business fit for change are the same as they have always been. Plus a change Nick Steel has more than 30 years experience in the retail and wholesale sectors. He is the Business Manager at Jersey Business the independent body that delivers a range of products and services to help business in Jersey succeed in the new commercial world. He explains what they are doing to help businesses adapt to times of unprecedented change. ince the financial downturn more people have started their own business than ever before. Now as the recovery starts to bite businesses in Jersey are looking to the future once more and considering how they can grow their hardwon market share. The States have recognised the need for a dedicated organisation that could support and nurture enterprises including those that are considering building new markets outside the Island. S business outside of these shores which were seen as impregnable protected. But Jersey has been affected by the global shift and although we may be slightly further up the beach than say the UK or Europe the tsunami of change is still battering our shores. So what are Island businesses to do in this overwhelmingly confusing time - and what can Jersey Business do to help achieve some clarity Jersey offers many opportunities for new and existing businesses. Our economy is relatively resilient we have excellent skills and we produce high quality goods and services. This combination of fiscal foundation talent and quality puts businesses in the perfect position to venture into new markets and compete very effectively against foreign competition. A number of local organisations are already carving a niche for themselves in export markets and not all of them are in the digital space as you might expect. And for the sceptics there is data to back up the claim that exporting adds greater impetus to business growth. Research carried out by Barclay PR in the UK found that small to medium-size enterprises who export grew 17% on average during the last financial year compared to 11% for those that did not - of that 17% a quarter grew by more than 40% year on year. At Jersey Business we can offer advice and support for businesses that are interested in exploring new markets overseas whether There s an old French proverb plus a change plus c est le meme chose which loosely translated means the more things change the more they stay the same. There is a less literal translation which means the more things change the more the fundamentals stay the same - nothing could be truer of the business world we live in today. Commerce has changed beyond recognition. For instance prior to the financial and economic collapse of the last seven years no one would have believed the explosion in online transactions which have done more to break down borders and open international trade than any other event in modern history. Few people could have foreseen the rise of social media as a communication tool creating a new chattering class where your products and services are talked about analysed promoted or dismissed in an instant. And not many businesses in small jurisdictions such as the Channel Islands would have considered exporting their it s Guernsey or Grenada Alderney or Australia. You might want to just grow your business here in which case we can help by looking at your business plan going through the financials identifying potential customer streams and looking at operations to highlight strengths and weaknesses. Growth is exciting but it is when you get into the world of export that things really become interesting. There are different challenges but as the saying goes the fundamentals remain the same and again Jersey Business is on hand to assist and advise. If you want to grow your business outside the Channel Islands then visiting international markets and exhibiting at events is the best way of researching new opportunities establishing networks testing products and securing new customers. It doesn t matter what business sector you are in or how big you are we can help set your export objectives identify appropriate markets and events that will provide the most benefit and help you plan your overseas visit to make the most of every trip. Before you go you will also need a follow up plan so that when you return you can fully exploit the opportunities you will have developed on your visit. We have to accept that the world has changed and that change is good. The fundamentals of getting your business fit for change are the same as they have always been. Askquestionsofyouroperations andfinancialreadiness. Investigateyourmarketsand targetcustomersthoroughly. Explorewhatsupportisthere. Expectsetbacksbutlimittheir effectbyplanningproperly. At Jersey Business we can help you get these fundamentals right so that you can journey into new markets with confidence that although everything feels quite different actually it is just the same. Jersey Dairy is the trading name of the dairy farmers co-operative established in 1954 as the Jersey Milk Marketing Board. Today it is totally responsible for the collection quality control production distribution and sales and marketing of milk produced by members of the co-operative The Business Challenge In March 2012 a Kite Report on the dairy industry in Jersey identified a potential increase in production to 16.5 million litres by 2020. But with local milk sales in gradual design the dairy needed to capitalise on opportunities to export milk and milk products. Having already developed a successful export market for recipe-based UHT products in the UK Jersey Dairy looked further afield to Spain and Hong Kong. Sales leads were created and the company needed to develop a solid vision and strategy to deliver this opportunity operationally. This business plan also needed to enable Jersey Dairy to re-invest to support the operational and infrastructure demands that growth would bring. The Process Jersey Business worked with the Jersey Dairy management team as a critical friend analysing current performance in relation to both revenue and volume and to scenario plan for the future business opportunity. Together we challenged and discussed business issues in a way that identified and prioritised strategic actions bringing this all into a vision mission and shorter-term strategic action plan. The Outcome Jersey Dairy s strategic action plan for 2014 to 2020 was accepted by the board in April 2014. Export business has grown operational issues have been planned for and can be addressed and the business plan is used as a living document to manage and measure the business. Having built an in-depth knowledge of the operation Jersey Business continues to work with Jersey Dairy on other initiatives that will deliver the 2020 vision. www.bailiwickexpress.com NOVEMBER DECEMBER CONNECT 33 CASE STUDY Jersey Dairy Advertising Feature People you can count on Who wants to be a millionaire If so you re going to need a good accountant. When phone a friend or 50 50 just wont cut it how do you choose the firm that s right for you Here we meet the team from Rosscot who believe that people and values make them the perfect partner. A ny accountant can produce a set of accounts but not all have the of their traditional values and have managed to incorporate this ethos into new formats. 2013 Rosscot strengthened its offering with the acquisition of Valeur Accountancy Ltd. The transaction was a considered move in the firm s long-term strategy and it has principally enhanced their expertise in both UK and Jersey taxation. Rosscot now benefits from the combined expertise of six directors Colin Taylor Duncan Stuart Sean O Flaherty Kevin Bates Andy Bougourd and Tim Brown who regularly advise on the full complement of traditional accounting tools as well as handling complex matters on behalf of clients. Whatever the requirement Rosscot s culture is to always be approachable and helpful with directors going out of their way to make themselves available ably supported by a loyal and committed team. Choosing the right accountancy service is paramount to business success. Making the wrong choice will cost you money time and resources. Make sure you are partnering with the right people. Make sure you partner with Rosscot. ability to contribute added value to your business. At Rosscot they go beyond what is conventionally expected and provide innovative solutions in an industry traditionally governed by textbook answers. The company has been dynamically growing for over 40 years. Their legacy gifts them a vast pool of experience whilst their young team provide the innovation and energy required to deliver modern day solutions. Over the past 12 months Rosscot have worked on shaping their vision for the future and have launched their refreshed approach. Their brand has been polished and refined their website is responsive and inclusive of new media and most importantly their services have expanded to meet the needs of a modern portfolio of clients. Throughout the whole process the team have not lost sight Rosscot says INDEPENDENCY affords us the flexibility to provide solutions where others fall by the wayside Our CURRENT APPROACH allows us to address the conventional with more innovative and costeffective solutions The importance of client RELATIONSHIP is never lost and we work around your schedule Rosscot takes pride in its provision of the full range of traditional accounting audit assurance taxation and company secretarial services. They work efficiently to help clients meet their statutory obligations on time. Providing clients with peace of mind is paramount so they can be safe in the knowledge that their businesses are being looked after by a skilled group of professionals. Towards the culmination of ANDY BOUGOURD FCCA CTA KEVIN BATES ACA Kevin has enjoyed a long career in the Island and joined Rosscot in 1997. He has helped to shape the mission statement of the company and has a strong track record of accountancy audit and trust enabling him to assist a diverse portfolio of clients. He totally embodies the Rosscot ethos and maintains close contact with local clients. His experience in compliance and corporate governance ensure that the company and the client are compliant with ever-changing rules and regulations. When he is not working Kevin is a true action man and can be found trekking skiing or even rowing the Sark to Jersey COLIN TAYLOR FCA Colin has a long history with the company having joined in 1987. He previously worked for a large international firm but found that Rosscot echoed his philosophy for a more personal approach to delivering on a local level. He enjoys working for the local client base and propelling the business forward to embrace new service sectors. In his spare time he likes to keep active with a round of golf and wind down with a trip to the cinema. Not many people know that Colin is also fluent in Swedish although he admits it s actually pretty useless unless you live in Sweden Meet the team Andy joined Rosscot in 2014 when the business acquired Valeur Accountancy Ltd. He is a qualified Chartered Certified accountant Chartered Tax Advisor and in 2013 he was called to the Bar. Andy s in-depth knowledge of both Jersey and UK taxation further reinforces the strong Rosscot proposition. Andy was drawn to Rosscot because of the company s traditional values and (even though he admits to being a typically boring accountant and lawyer) he thrives on the opportunity to work directly with clients and get under the skin of complex business issues. DUNCAN STUART Duncan has over 42 years experience in the accountancy sector and has dedicated over 30 of those to Rosscot and its predecessors and passes down his wealth of experience to clients. As Rosscot s Finance Director he is renowned for his role as a complex problem solver combined with honest and efficient advice. He is the man to speak to on taxation issues. He is a driver in keeping the company customer focused and has delivered a system of full flexibility in accommodating client schedules out of hours. When he s not working with clients he likes to venture into the great outdoors and doesn t shy away from extreme sports including alpine skiing and racket ball. SEAN O FLAHERTY FCCA ACA Sean brings a bit of youthful flair to the directorship. With his hands on approach and attention to detail he has a loyal portfolio of clients. His experience in overseeing the disciplines of HR Marketing and IT for Rosscot enables him to provide more than just accounting and taxation knowledge to his clients. Sean is an Old Victorian and his college education spurred him onto a qualification in accountancy. Sean is responsible for driving the business forward and continuing its legacy as a leading local accountancy practice. In his spare time you may see him enjoying a diverse range of activities and he ll pick up anything from a guitar to a hockey stick to the latest gadget. TIM BROWN FCA Tim is a stalwart of the industry bringing 23 years experience to the table. He knew accountancy was for him from the outset studying Economics & Accountancy at the University of Loughborough. He has worked across the globe from London to Bermuda finally settling in Jersey where he joined the Rosscot team in 2010. He is the head of our audit department and deals with a local portfolio thriving on the challenging nature of the work. Outside the office he likes to spend time with his family and is an able sportsman - although he freely admits that with two sons to keep up with he is no longer the best footballer runner golfer swimmer in his family www.bailiwickexpress.com NOVEMBER DECEMBER CONNECT 35 BANKING High Street success and the partnership role of the bank By Russell Dutch Head of Corporate and Commercial NatWest Jersey B anks have an important role to play in supporting the growth and development plans of local retailers keen to improve their offering for consumers. At NatWest we ensure that our commitment to the high street market remains consistent through both the good times and the bad and as we steer through the current economic recovery we make sure our skills are available to support clients - including many retailers with both their lending requirements and wider business aspirations. As part of a more positive picture for the future of the Island s economic growth prospects we have seen a marked increase in lending transactions during the last 12 months a positive sign which shows the appetite of small- and medium- sized businesses to invest in their future in order to better serve the needs of their customers. At NatWest we believe that we can help our customers at all points of their evolution and we are always willing to discuss their plans and aspirations. The cornerstone of our service is taking the time to listen to and understand the needs of our customers. Whether they are entrepreneurs who are new to the Island have recently switched from another bank or are long established customers of ours the key ingredient we can offer is our business banking skills and commercial knowledge. Our relationship directors and managers have a deep and broad commercial experience of the market in Jersey. The depth of knowledge we can call upon with more than 200 years combined experience of the business and commercial market across the relationship management team - ensures we can bring practical knowledge and a deep understanding of the factors affecting local businesses including the retail sector. We prefer also to establish proactive contact strategies with our customers and work closely to ensure that both their day-to-day requirements and longer-term ambitions are met. In each case an effective and productive relationship revolves around a partnership a pooling of our knowledge of the commercial marketplace alongside the objectives of the client and a discussion of the choices that exist when a lending solution is sought. An example of a high street business to benefit from this long standing partnership approach is Jersey retailer Designer Sofa Interiors a retail outlet which sells hand crafted sofas and other hard and soft furnishings. It offers a one-stop shop for customers entire interior design requirements including curtains upholstery lighting mirrors and any related aspect of furnishing and design. Management and staff are equally at ease selling one piece of furniture arranging bespoke custom made furnishings or undertaking a full interior design makeover for both homes and businesses. In addition to the extensive shop space on the ground floor Designer Sofa We know at the end of the day if we need to discuss anything we can just give Andy a call and he is there to talk through our ambitions and to help us with our financial affairs or business plans Interiors opposite West s Centre has workshops on the first floor where staff will make curtains and other upholstery. Sofas meanwhile are made both in the UK and Italy to meet specific orders. Established in their current premises since circa 1998 the business owners Byron and Claire Khawaja have been customers of NatWest for 11 years following a switch from another bank. During that time they have steadily expanded their range and the retail space from which they operate with support from the bank when required. Most recently their relationship director at NatWest Andy Salter arranged a commercial loan to enable the innovative retailers to purchase the Peter Street premises instead of continuing with a lease on the building. Mr Khawaja explained The move has given us the confidence to invest in the business and expand our offering further. The bank has supported us throughout and the key factor has been the solid relationship with our relationship director Andy. We know at the end of the day if we need to discuss anything we can just give Andy a call and he is there to talk through our ambitions and to help us with our financial affairs or business plans added Mrs Khawaja. Our relationship directors and managers can when required call upon the knowledge of teams working in related banking services such as treasury funds or real estate development and our depth of local understanding is matched by the strength of RBS as a large banking and financial services company with global expertise. The key factor though is the relationship with customers and for that to be effective requires us to have a dedicated team in Jersey many of whom have devoted their entire working careers to financial services in the local market. Their collective experience cannot be learnt from a book but their skills and insights are helping businesses to meet their growth ambitions and in so doing will help fuel economic growth including a more buoyant high street. www.bailiwickexpress.com NOVEMBER DECEMBER CONNECT 37 COMPLIANCE As well as the need to fulfil a whole raft of legal and regulatory obligations part of the onboarding process for any customer also involves the collection of know your customer (KYC) information. Knowing me knowing you... If you think your bank asks too many probing questions there are very good reasons as the Head of Compliance at Santander UK plc s Jersey Branch Andrew Dobber explains. Truly knowing and understanding customers is what banking is all about. he title is more akin to Alan Partridge than ABBA but the point I am trying to make is how do banks and bankers actually know who they are dealing with and what do they do to make money - and why is this important to us T available from just an application form. All banks nowadays have a real duty indeed obligation to understand their clients banking needs in both the immediate and foreseeable future. Istheirbusinessexpanding contracting Dotheyhaveaspirationsto setupoperationsoverseas Dotheyintendtocreateanonline presence oracceptcredit debitcard paymentsforgoodsandservices Whatistheirimmediateand futurecashflowlike And so on. Such questions are at the heart of true relationship banking and means that the banker will on occasion need to ask some probing questions and request details and information that may seem odd to the customer. Without this information and dialogue though how else can a relationship and understanding of their business be formed Think about it if you do not communicate with someone how can you possibly Surely a customer is a customer money is money and banks do not really care who the customers are so long as they get their money This is not the case. When setting up or maintaining an account there is often a war cry of ...why on earth do they (the bank) need that As well as the need to fulfil a whole raft of legal and regulatory obligations part of the on-boarding process for any customer also involves the collection of know your customer (KYC) information. Now I am not focusing on the collection of passports and utility bills (so called customer due diligence ) although that is a critical and necessary element of the KYC process. No what I am talking about is that understanding and building of a relationship that can only be achieved by truly knowing your client with information and details that are not always discernable or indeed understand what they want or need The completion of an application is the initial stage but this should be supported by a meeting with the customer to understand what banking needs they have and how the bank might best help to fulfil them. How else might their banker be able to suggest an alternative account type access their borrowing requirements or help with other banking needs a customer might have In addition for regulated financial intermediaries Santander seeks to engage with their compliance teams at a very early stage of the relationship - in person and not via questionnaires or tick boxes. This assists us in building a picture of the intermediary and to understand what their procedures and policies are and how they are implemented. From this we can then determine for example if their customer due diligence standards are at an equivalent standard to ours so we can rely on them to undertake the appropriate levels of customer due diligence. The banker also has an important part to play in this relationship through keeping the customer informed and engaging them by maintaining a regular dialogue. It may take time to do this and it will certainly take time to maintain (as it does with any relationship) however without this mutual investment to get to know one another then the needs of the customer will probably not be best served. So to finish on a Monty Python analogy based on the 1997 film The Life of Brian what have bankers ever done for us Well I would argue that Santander do quite a lot. Internal marketing data indicates that in the UK (on average) someone switches their current account to Santander every two minutes and every six minutes we help someone buy their first home. In addition for corporate and commercial business a small to medium enterprise becomes on average a Santander customer every eight minutes. And we were only able to achieve any of this by truly knowing and understanding our customers. Hopefully when someone next asks ...do you know who your relationship director is or ...what have bankers ever done for me you might not immediately think of either viaducts or Alan Partridge - but will have some answers. www.bailiwickexpress.com NOVEMBER DECEMBER CONNECT 39 LAWYER S VIEW New legal obligations for landlords The Order represents another significant step in the regulation of Jersey residential tenancies and it is important that all parties involved in the letting of residential property familiarise themselves speedily with these new legal requirements ahead of their coming into effect. Tim Hart Partner and Global Practice Group Head of Appleby s property department. n the States debate on 9 July 2014 regarding the Residential Tenancy (Deposit Scheme) (Jersey) Regulations 2014 (Regulations) the Minister for Housing announced that he would be following up those Regulations with a Ministerial Order requiring the production of condition reports in relation to residential tenancies. The Minister has now done this in the shape of the Residential Tenancy (Condition Reports) (Jersey) Order 2014 (the Order). The Order was made on 19 August 2014 and comes into force on 31 October 2014 four months before the Deposit Scheme Regulations comes into force. I repair of the residential unit in question. It must be in writing and contain thenameandaddressofthelandlord or ifthereisone themanagingagent thenameofthetenant theaddressoftheresidentialunitto whichitrelatesandthedateonwhichthe tenantisentitledtopossessionoftheunit thedateonwhichthecondition reportisrecorded Furthermore itmust specifytheconditionofwalls floorsand ceilingsineachroomintheresidentialunit andtheconditionofanyspaceorfacility thatispartof orassociatedwith theunit itemise andspecifytheconditionof any fixtures fittingsandmovablesbelonging tothelandlordthatareattheunit Condition reports may include images including photographic or video material. The regulation sets out various time limits for the taking of action and the consequences of not doing so. Within seven days of receiving a condition report the tenant must accept the report by signing it and returning one copy to Tim Hart Appleby The Order imposes a legal obligation on every landlord under a residential tenancy agreement to produce a condition report at or before the commencement of the residential tenancy. Furthermore if at the end of the tenancy the landlord wishes to make a claim against the tenant on the basis of deterioration in the condition of the residential unit the landlord must again produce a condition report. The Condition Report A condition report is defined as a report about the physical condition and state of AGENT S VIEW the landlord or mark the modifications the tenant thinks appropriate on the report initial the modifications and return one copy to the landlord. Failure to do so means that the tenant is taken to have accepted the condition report. Within seven days of receiving a condition report modified by the tenant the landlord must accept the report as modified by the tenant by initialling the modifications and return a copy of the report to the tenant or attempt to reach agreement with the tenant as to the contents of the report. Failure to do so means that the landlord is taken to have accepted the condition report as modified by the tenant. A condition report which is accepted or taken to be accepted is conclusive evidence of the condition of the residential unit and of the provision of and the condition of any fixtures fittings and movables belonging to the landlord that are at the unit and are referred to in the report on the date specified in the report as the date on which the report is recorded. The Order represents another significant step in the regulation of Jersey residential tenancies and it is important that all parties involved in the letting of residential property familiarise themselves speedily with these new legal requirements ahead of their coming into effect. Nick Dodsley Director of ND Estates looks closely at new legislation and what s coming up next to more closely regulate the residential property letting market in Jersey. he business of the landlord and tenant relationship has become much more tightly regulated with the new Residential Tenancy Law and the States proposal for a tenancy deposit scheme in 2015. T accepted the condition. Then the report has to be signed by both parties and must also be checked out at the end of the tenancy. Unfortunately while this a good idea in principle as has been seen elsewhere there is a cost implication for landlords. Although they cannot ask the tenant to pay for a condition report as with all increased costs we suspect that the likelihood is that the increase will be passed on regardless by way of firmer or higher rental prices over the term of the lease - which is not necessarily a good thing for tenants in the Island as by definition rents will rise. This may have an effect particularly on the smaller rentals of one-bedroom units which must equally have a condition report At ND Estates we operate a team of two directors five sales and lettings agents and three administrators. Our lettings and management team will undertake the preparation of condition reports for landlords. We have invested in our systems to enable us to cope with the new workload and we can also provide a service even when we do not act for the landlord. We are also able to act in a co-ordinating capacity between a landlord and tenant who does not employ the services of a letting agent but has a direct agreement with their tenant. Then on 31 October 2014 came the introduction of new Property Condition Reports for tenanted property in Jersey. From that date all landlords have to prepare property condition reports that detail the condition of each room - namely each floor wall and ceiling and if the property contains furniture fittings and utensils the condition of each of these items must be detailed in the report. Added to this there must be a photographic record of the state of the property and the contents therefore it would appear likely that in most cases landlords will prefer to let their properties completely unfurnished. Compiling Property Condition Reports is a time-consuming business as they are more than a simple inventory of the property - a mere recital of the contents will not suffice. The report has to be completed before the commencement of the lease and the tenant must agree to the schedule within seven days of receipt or it is deemed that the tenant has Although they cannot ask the tenant to pay for a condition report as with all increased costs we suspect that the likelihood is that the increase will be passed on regardless by way of firmer or higher rental prices over the term of the lease - which is not necessarily a good thing for tenants in the Island as by definition rents will rise. Nick Dodsley ND Estates PROPERTY Bricks and mortar the traditional safe investment Nigel Pascoe Director of Lending at Skipton International looks at the actions some people are taking to diversify their investment and pensions portfolios now the pressure on the Bank of England to raise interest rates has subsided slightly with inflation falling and economic growth in Europe faltering. he expectations of economists are now for a slow gradual increase in UK interest rates starting early next year which is good for those with mortgages and lending but not so positive if you have cash to invest. At the time of writing this article the IMF had just warned that continued low interest rates could lead to a new economic crisis. It is a double-edged sword raise rates and risk slowing the recovery by reducing consumers available spending and raising the cost of borrowing or force investors to seek riskier returns for their available cash which is what the IMF is worried about. The IMF has already downgraded the euro zone growth forecasts and the British Chamber of Commerce has warned of a slowdown in manufacturing as export growth weakens. The prospects of relatively low interest rates albeit not record lows look set to continue. The low interest rates and volatility in the stock markets has led to an increasing tendency for people to diversify their pensions portfolio with a buy-to-let property. Whilst the property market in Jersey is limited some believe there are still opportunities not least because at the moment it s a buyers market. A universal tip is to get into a market when it s at the bottom and if you look at the second quarter Jersey house price figures that appears to be just where the market is now. Jersey s housing market has been correcting itself since the big house price rises in 2007 to 2008. The first quarter of this year saw the lowest level of average property price in Jersey for more than five years whilst the second quarter figures showed a slight increase of 1% in the mix-adjusted average price of dwellings and a 13% increase in turnover. Perversely the fact that prices have fallen still doesn t mean that people can afford to get on to the property ladder. Housing affordability worsened in 2013 with almost half of working households unable to afford to service a mortgage payment on a T lower price property ( 275 000) according to the States housing affordability survey which came out in March. This means a rising demand for rental properties. This is a situation echoed in the UK where there has again been an increased demand for rental properties. This means that the average UK private home rent rose by 8.2% over the year to August 2014 according to the HomeLet Rental Index. Meanwhile another recent report also highlighted the soaring demand for UK rental properties. Sequence which analysed the prices of hundreds of lettings from estate agents including Barnard Marcus and William H Brown said there are now seven tenants chasing every new property on the market. It claims the average tenant outside of London paid 697 a month in rent in July compared to 670 a year ago while rents in London were up six percent to 1 515. Buy-to-let properties aren t for everyone but they do provide the opportunity for rental income and hopefully rising capital value. Skipton International provides mortgages for this specific purpose both in the Channel Islands and for CI residents to buy in the UK. As a responsible lender we will discuss the affordability of the mortgage with you. It s not just your income that will be taken into account but also the expected rental cover. A rental income of 125% is required at an interest rate reflecting future lending costs on a maximum loan to value of up to 75%. In your calculations you will need to factor in maintenance costs the possibility that there might be vacant periods when no rental income is achieved and of course the rising cost of your mortgage as interest rates slowly climb. For many people burnt by the financial crisis and their failure to diversify their pensions and investment portfolios a buyto-let property has been a good option. Bricks and mortar have long been the investment choice of the wealthy and more Jersey residents are considering it might be the perfect time to consider becoming landlords. MITSUBISHI ASX ADVENTURE ADVANCED The Mitsubishi ASX is four wheel drive ability1 fused with urban agility a true crossover ready for every adventure. It is go where you want do what you want when you want. It is Adventure Advanced. We call this Intelligent Motion. 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T E C H N O LO G Y W hen our Chief Executive Officer Graeme Millar officially opened JT Lab back in December 2011 he said that it could be ...an historic day in Jersey s economy. The beauty of JT Lab is now that technology has helped to dissolve geographical barriers your customer isn t necessarily based in your local market anymore they can be anywhere in the world. Which means testing anywhere becomes an option also. What is more in a world where reputations can be made or broken in a moment online testing (especially on a live audience) becomes an increasingly integral part of any robust product development process However for JT Lab to really work we needed the connectivity. This is why three years on we have now connected nearly one third of Jersey s properties and laid fibre cables around nearly the whole Island so that vision really can now be a reality. Alongside our own work Digital Jersey has also done an excellent job of helping to position Jersey as a tech hub and together supported by the connectivity (including our new 4G network) we re in a position to make the Lab a reality. Why Jersey There are many reasons which make Jersey and JT s facilities really attractive in a testenvironment. These include the fact that the Island offers the sixth highest GDP per capita in the world it has the broadest demographic spread compared to the EU and a profile similar to the east and west coasts of America. Combine that with a telecommunications company that is willing to open up their doors and let companies test and develop on a live network in real-time it makes Jersey a very attractive option for tech companies. Although JT Lab - on first appearances may seem to have little to do with our core Channel Island business there are already real benefits for our local customers. For example through JT Lab we have already formed a partnership with a world-leading security But what is happening with JT Lab Thanks to this infrastructure the reality is JT Lab is going from strength-to-strength. Due to the confidential nature of those using JT Lab for trials and test launches we can t provide too many names in terms of who is using the facility and what they re doing. However we can confirm that a number of diverse global tech companies are taking advantage of the opportunity to test new products and services right here in Jersey including some very well-known names. JT Lab Just a concept or a reality By offering companies from around the globe an opportunity to test research develop and launch products and services in the Island JT Lab is playing a key part in the drive to make Jersey a leading digital centre - as Vice-President Mark Stuchfield explains. firm called RadWare which successfully used our facilities to test its state-of-the-art DDoS protection systems prior to launch. Today those same systems are protecting Islandbased businesses from cyber-attacks using a world-class solution against a growing risk. Another proof point is that we have been able to form a partnership with USbased experts KPMG Analytics which are specialists in big data. This more than any other area of development will provide the opportunity for all businesses in all sectors to differentiate from their competition through the development of new business models using data analytics. Increasingly we and our customers are leaving complex and revealing digital trails of data behind us. This provides an enormous opportunity for companies to analyse behaviour and then far more accurately target their marketing and services to fit their needs. KPMG s work in this area is at the cutting edge of data analytics and we are working with them here in the Channel Islands. The most recent addition to JT Lab (that we can talk about ) is the technology firm Compass who are trialling their new CompassEOS Routers here. Basically these new routers are powered by a breakthrough technology called photonics . This technology provides an enormous leap forward in routing while providing a reduction in power consumption and heat production making the systems far more efficient. The hardware is intended for use in data centres which need very capable and resilient connections to operate and which have enormous operating costs in terms of electricity consumption. Although there is no immediate or direct benefit right now working along-side Compass means that JT gains some valuable insight and experience with this future technology to help benefit our own hosting customers. In conclusion we believe our work with JT Lab and its partners is bringing significant and world class intelligence of emerging digital technology back to our Island - as the sector demands high skills innovative thinking and importantly the right infrastructure. JT and JT Lab are committed to playing our part in helping nurture this growing third pillar of our economy and judging from the interest so far we think our customers feel the same. So as our vision is to become the provider of choice for global telecommunication innovation we hope that the JT Lab will help move us further towards this. www.bailiwickexpress.com NOVEMBER DECEMBER CONNECT 45 They say a picture tells a thousand words but some of these faces from election night 2014 tell a few more than that. Connect s photographer Gary Grimshaw was hitting the polling stations and candidates parties all night snapping the winners and the losers and everyone in between... 46 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com ELECTION 2014 IN PICTURES www.bailiwickexpress.com NOVEMBER DECEMBER CONNECT 47 Technology. Jersey - A digital centre of excellence By Connect s technology columnist Julian Box founder of cloud service provider Calligo. After being actively involved now for more than three years in trying to elevate and inspire the idea that Jersey can become a great digital location I haven t changed my view Jersey can do it but time is beginning to run out - so let us look at what is really needed. Investment investment investment in many areas including education e-government and legislation. Jersey is currently investing such small amounts of money in its own future that we aren t going to achieve any real change let alone an ability to burn bright in a very crowded digital world. I am passionate about making Jersey shine as a place of digital excellence but I am like many wishing for something that has little chance of actually happening. even going to scratch the surface. A year on as I look as a parent as well as a businessman I see little change. Over the last ten years I ve travelled a lot each year looking for new technologies that can make an impact for my business and the clients it serves. Mainly in the US I link up with various venture capital firms who ask me to evaluate technology for them as part of their due diligence. The States announced last year additional money for schools across the Island and the Education Department launched their Vision for IT off the back of this. But when you look at what that actually gave the schools it is tiny - in the tens of thousands per school - which isn t 48 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com Their number one requirement when looking at a business is where will the talent come from Does it exist in the location that the business is based in If it doesn t the business will have to move or they won t invest. Secondly but closely linked is the management team. Again if this does not have the talent locally they feel is right or it requires then the business won t get the investment. This point is so critical to Jersey s future that to underestimate its importance is foolhardy. The Island needs to be seen on the international stage as a location that has a talent pipeline - without this it will never see inward investment in its digital economy. TECHNOLOGY innovative and communicative with these skills. This won t happen overnight but needs to start very soon because other jurisdictions have already started to invest. I hear people saying Jersey can t afford it which I do not agree with. It is a case of priorities government reform and the will to free the money up - because one thing is certain if we don t invest we won t even have a chance to succeed while others with the vision and strength will. Let us look at what can be done now to help kick-start the move to positioning Jersey at the heart of the data economy. For starters we need to focus on three or four areas of tech that have a good fit with Jersey s current industries and its heritage big data fintech (financialbased technologies) and agricultural technology (this is another area of massive growth which will be underpinned by big data) all fit well within the Island. So what s needed Well a bold ten year strategy with serious money behind it circa 10 million plus per year ring-fenced for technology and the STEMbased subjects (science technology engineering and mathematics) with maths underpinning everything. This should include primary schools through to a tech-based university it should focus on delivering the specialist skills the modern world is screaming out for. A good example of this (and currently the number one most-sort-after-skill in Silicon Valley) is data science - check out a recent report by CNBC Why your kids will want to be data scientists at http www.cnbc.com id 101618128. I would have included e-government as I felt originally the Jersey e-Gov project had the ability to be a catalyst for new skills and technologies to be seeded and then the results exported. But what I believe to be a lack of vision and the use of existing and rather out-of-date technologies means it won t deliver the project that could have showcased Jersey as a leader in e-gov tech. All of the above not only needs money it needs the right legislation and tweaking our data protection and privacy laws to encourage businesses to place their data in Jersey also needs looking at. There is a new EU data protection law only around the corner (late 2015 early 2016) that will create a single law across all 28 member states. The Island needs to ensure its own laws meet this but also it is an opportunity to enhance areas that would be of benefit to Jersey becoming a centre of excellence for all things data . If you have these skills you could walk into any tech business tomorrow on a salary in the hundreds of thousands of dollars. Why Because every business on the planet either already requires or shortly will require tools and skills that help it to understand the data it owns and so help it deliver better services to clients and grow faster than its competitors. Jersey - as I have written about many times - is very well placed to take advantage of the world s rapidly growing reliance on data but to do that will require a pipeline of talent with a strong mathematical background but also with the ability to be creative I do still believe Jersey can become a centre of digital excellence but we are running out of time. The current investment levels and areas of focus just aren t enough or moving nearly fast enough. We will get one chance at this. If we mess it up Jersey will not have anything more than a provincial digital sector that won t have the capacity to become a true contributor to the Jersey s future - and that s something everyone should be very concerned about. www.bailiwickexpress.com NOVEMBER DECEMBER CONNECT 49 Photography by Gary Grimshaw Staying Connected You will see an interesting little phrase in some of the articles in Connect this month ...the internet of things. What this really means is that gradually the various pieces of equipment we use will start talking to each other not is some nightmarish machinestaking-over-the-world type way (actually we re long past that already) but in the internet connecting your heating to the weather forecast so it comes on automatically or your fridge registering that you have run out of cheese so automatically putting it onto your online shopping order. That means everything needs to be connected which means your internet connection is probably going to be the most useful part of your life. Whether at home work (fibre broadband) or on the move (4G) we will expect to be connected fast. JT is two years into a project to build the fibre-optic foundations for those connections. The group s CEO Graeme Millar explains where they are up to Graeme Millar The roll out is going well. We re actually about two thirds of the way through the programme and we re on track and on time. We have done the core network that was about a quarter of the project. That s complete. In terms of passing people s homes with fibre cable we ve done 98% of that we ve done about 940km out of the 1 000 or so kilometres we need to do and that will be done by Christmas. In terms of the number of homes connected we ve done well over 11 000 now. We ve got to do about 34 000. So it s about a third of the Island and to give you an idea that means that we now have more homes connected to fibre on a percentage basis than any other country in the whole of Europe. So I m pleased with that but we do have our challenges coming up over the next couple of years. In particular JT has been asked to provide an extra and unexpected 6million of funds to the government through a dividend money that had been earmarked for rolling out fibre. What that means is that we re not going to be able to accelerate the programme as much in the next two years as we had planned to do. We simply won t have the money to do that and we re doing a lot of work at the moment to look at the kind of timing and cost implications of that. We re reviewing that now because of that unexpected change in the funding that we ve got to deal with. Connect So what would you say to businesses that are keen to get on fibre broadband GM Essentially we will be in a position after Christmas to pretty much connect any business within a very short time scale. Premise to premise there are sometimes problems. You get blocked ducts. You might need to get a traffic control to let you close a road for a day to dig a hole if there s a problem and so on - but fundamentally we will be close to every business in the Island and able to connect them. Through the initiative that we did with Digital Jersey we ve got I think 20 or 30 businesses that we agreed to prioritise and the connection of those businesses is going well and those will be done within the time scales we ve promised. Connect Where does this put Jersey in terms of broadband connectivity GM By the time we finish the project no country in the world will have a better-connected network than us. Full stop. No ifs buts or maybes. So we are delivering on the promises that we made three years ago and you ll remember that there was a deal of scepticism of whether we could do this or not and Unplugged. www.bailiwickexpress.com NOVEMBER DECEMBER CONNECT 51 52 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com UNPLUGGED actually I m proud to say it s been done almost exclusively with local people. We ve actually hired nearly 100 previously unemployed people. We ve trained them up. They re doing the vast majority of the work. There was a tipping point in about August last year. The questions were initially all about why are we doing it Why is it necessary but I think perhaps after the summer recess when the States came back in September last year there had been a change and it was suddenly when can we have that I think that one of the things that actually drove that change was some work that Digital Jersey did. They produced a report with about four or five ideas for driving the digital economy in Jersey and one of them was we ve got to get digital businesses connected . I think that was the point at which people suddenly started to say actually rather than why are you doing this they suddenly said you know you ve got to do this more quickly . Again if you go back to the early days of the project we said we were doing something quite unusual for a telephone company we were building ahead of demand. Usually if you look at broadband roll-out not just in Jersey but around the world usually people wait for the demand and then build and everyone moans because it s too slow. Connect In terms of mobile connectivity how does 4G fit in GM We signed the contract a few months ago now with our vendor a company called ZTE in China. We have received several shipments of equipment and from a technical point of view we ve built the core of the network. We actually made our first live call over the network a couple of weeks ago and we are on target for an early spring 2015 launch. We have 186 sites across the Channel Islands that we ve got to swap out and that will take a number of months. Fibre has been incredibly important because 4G will allow the communication between the base station and people s phones to be much faster than it is today but that s no good if the base station can t communicate quickly with the internet. We ll be connecting all our base stations in Jersey up with the fibre that we re putting in so we ll have a very fast connection from the base station to the internet and back so I think that people will see a very high performing network. It s also worth mentioning that what we re doing is not just putting in a new 4G network on top of the old 2 & 3G networks that exist. We re actually taking out the old equipment and we re completely renewing the 2 & 3G layers of the network as well because the regulator (and we are fully in agreement with this) has reapportioned all of the frequency spectrum running from the sort of frequencies that televisions use up to the sort of frequencies that the radar at the Airport uses. That s all been completely reapportioned between the three operators and that will be very good because it will allow us to reconfigure our network to take advantage of that spectrum. That means over time people will see improved speeds but they ll also see improved coverage. They ll see improved in-building coverage. It s going to make the whole thing a lot better albeit that next year will be a transition year and dayto-day evening-to-evening there will be down time on the network as we change the equipment over. Connect We ran a feature in Connect last month on exports - where is JT going next in building its business outside of the Channel Islands GM There s clearly a lot more growth there. That s important because over five or six years we are investing 70 million or 80 million in our networks and to be honest we don t have a big enough community on the Island to afford to pay for that. The money has to come from somewhere and we are basically expanding outside Jersey to make money to then repatriate that money into Jersey and ...over five or six years we are investing 70 million or 80 million in our networks and to be honest we don t have a big enough community in the Island to afford to pay for that. The money has to come from somewhere and we are basically expanding outside Jersey to make money to then repatriate that money into Jersey and invest it in better services. www.bailiwickexpress.com NOVEMBER DECEMBER CONNECT 53 UNPLUGGED invest it in better services. Now we ve just actually had a real success. We ve just signed the biggest contract in JT s 120-year history. It s a contract in North America with Kraft Foods the guys who make Dairylea slices for example. They are a very big company in North America and JT is supplying all of their fixed telephony for their 22 500 employees across 85 sites in North America. It s a five-year contract so it gives us good revenues good margins and actually is a very substantial foreign currency earning for the Island. They picked us for two or three reasons. We were quicker and faster than the other guys. Technically we re very competent and thirdly we offered a more personal service. That maybe sounds a little bit peculiar when we re talking about a big company but ultimately any company needs to have a lot of trust in its telecommunications partner because to be honest if we don t deliver and things stop working then we can stop any business in its tracks. Just come back to Jersey for a minute we re supplying almost all of the financial services and legal companies in the Island. About 2% of the world s wealth two trillion dollars a year goes through Jersey and almost all of that in some way touches our network. If we don t have a resilient reliable network then our economy is in real danger. I don t think that s too strong. We are good at doing that it costs us a lot of money we spend a lot of time and effort on it that s why we have three overseas telecommunications links. But it also gives other partners like Kraft a huge amount of trust that we know what we re doing. Not many people in Jersey know that JT is a licensed operator in North America. We have a base in Boston we have about 50 employees over there and again we hope to build on that further to expand that business and frankly to generate more money to invest in the Channel Islands. 54 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com Just come back to Jersey for a minute we re supplying almost all of the financial services and legal companies in the Island. About 2% of the world s wealth two trillion dollars a year goes through Jersey and almost all of that in some way touches our network. Viewpoint. Viewpoint puts forward a key question facing one of the Island s main industry sectors and then a group of leading practitioners will give their take on the answer and what it means for Jersey. If you would like to be included in a future panel of experts just email editor bailiwickexpress.com This month we ask two non-bankers for their views on how the banking sector will develop over the next year specifically what do they see as the three main issues Craig Dempster Director Future Finance The three main issues facing banking are 1. Restoration of trust For years banks were perceived as bastions of trust on the exterior they projected an image of risk aversion and considered investment. Following the crash it transpired that the polar opposite was at large investments were ultra-high risk and the eventual reward fell into the lap of the investment banking elite with the actual depositors feeding off the crumbs. In short they gambled with everyone s cash - and they lost. This resulted in the well-documented failure of some institutions that were supposed to have our best interests at heart. The subsequent constant revelations on misselling and rate-fixing merely cemented the new undertone of mistrust. The only way that confidence in the mainstream banking sector can now be restored is if they start to deliver on their promises fair return and considered lending for both investors and borrowers. and commercial terms has led to the emergence of a plethora of new entrants. We now have challenger banks which formed after the crash and typically harness technology to develop a model appealing to the masses of disgruntled banking clients. The challenge for the incumbents is whether they can adapt quick enough to compete. 3. Peer-to-Peer In essence this activity merely links borrower with lender - the lender gets a better return the borrower gets a lower rate. With new technology available this seems to be a win-win situation for borrower and lender but not such good news for the banks as they have been the filling in the sandwich. And the sandwich just got low calorie. The greatest challenge in all the above scenarios is whether the banks can adapt or whether they are so burdened with compliance and tiered decision-making that they can t move into the brave new world. NEXT MONTH... In January s Viewpoint we ll be looking at Tax in 2015 what do individuals and businesses need to remember If you d like to take part contact editor bailiwick express.com 2. Adaptation to the brave new world The downfall of banks in both reputational 56 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com YES WE HAVE CHANGED OUR LOOK BUT WE ARE STILL THE SAME PEOPLE YOU CAN COUNT ON 01534 785200 accounts rosscot.com www.rosscot.com Thomas Edge House Tunnell Street St. Helier Jersey JE2 4LU Accounts Preparation Management Accounts Audit & Assurance Taxation Services Bookkeeping & Administrative Services Payroll services Business Start-Up Advice Company Secretarial Services Accounting Software Installation & Support Outsourced Accountancy Support Business Valuation Forensic Accounting Rosscot Secretaries Limited is regulated by the Jersey Financial Services Commission WHY US Any accountant can produce a set of accounts but not all have the ability to contribute added value to your business. At Rosscot we go beyond what is conventionally expected and provide innovative solutions in an industry traditionally governed by textbook answers. We ve been dynamically growing over the past 40 years so we can offer you experience you can trust combined with the innovation of our team delivering a fresh and energetic approach. Choosing the right accountancy service is paramount to business success. Making the wrong choice will cost you money time and resources. Make sure you are partnering with the right people. Make sure you partner with Rosscot. PEOPLE YOU CAN COUNT ON. 01534 785200 accounts rosscot.com www.rosscot.com Thomas Edge House Tunnell Street St. Helier Jersey JE2 4LU Rosscot Secretaries Limited is regulated by the Jersey Financial Services Commission VIEWPOINT Marc Cleeve Director Deloitte LLP Lord Eatwell Chairman of the Jersey Financial Services Commission made it clear in October that reform is on the agenda and bank-licensing policy in Jersey is under scrutiny. Ring-fencing is key for UK banks to consider regarding structure and product offering in the future. The announcement in June 2014 that UK branches in the Crown dependencies will no longer be allowed inside the ringfence has had a big impact on the offshore banking sector. UK ring-fenced retail banks must implement their model and strategy response by 2019. This could see offshore banks become a subsidiary or branch of another part of their parent group which would itself be outside the ring-fence. They would then have to continue to seek and upstream the expat international banking community that has fuelled a growth in deposits which are now up to 140 billion. Alternatively they could become purely locally focused banks servicing loans and deposits for Island customers. Loan provisioning challenges continue with European Central Bank (ECB) guidelines around loan forbearance taking effect in December. This adversely impacts capital banks which need to hold for loans where terms have been renegotiated more than once. The implementation of systems to monitor the expected loss provisioning model could cost some UK clearing banks as much as 500 million prior to the 2018 deadline. In October 2014 the ECB released results of its year-long asset quality reviews across Eurozone banks. At the time of writing while large banks were not expected to be found significantly undercapitalised some smaller banks were. This could cause further uncertainty in financial markets and tough decisions being needed in response to capital strategies. Unfavourable results would hinder recovery of confidence in Eurozone banking. Structural Engineering Civil & Geotechnical Engineering Mechanical & Electrical Engineering Historic Building Conservation Environmental Engineering Consulting civil structural mechanical and electrical engineers t 01534 766655 f 01534 766650 e admin hartigan.co.uk w hartigan.co.uk www.bailiwickexpress.com NOVEMBER DECEMBER CONNECT 57 Connect s insider in the finance industry sits at a desk somewhere near you. He s unspinnable unbiddable and very strictly anonymous. Don t expect marketing speak don t expect a rosy feeling inside and don t expect to like him (we re not entirely sure about him ourselves). Only expect this every month he ll bring you the unvarnished truth from the heart of the finance industry... Dark Knight Policy this isn t the immigration plan Jersey wants it s the immigration plan Jersey needs... According to the most recent Jersey Annual Social Survey 77% of the population of our Island consider controlling population to be a top priority. Either by strange dint of coincidence or and I feel guilty for even suggesting it simply telling people what they wanted to hear the subject of immigration appeared as a major policy focus on most potential election candidates manifestos at the recent election. Major policy focus is euphemistic language to say the least - substantive measures to actually achieve any element of population control were as rare as those other perennial election favourites like raising taxes cutting pensions or twinning St Helier with St Peter Port. It is of course only natural given our finite land mass and the perils of over-population that there is a fear of an unfettered increase in net immigration. Now this may surprise some people (and judging by their election promises many States Members) but the reality is because of our present constitutional position there is actually little we can do to stop people coming into the Island. Tinkering with housing and employment restrictions may deter people but quoting from the States own website ... nationals from the EU and European Economic Area are free to come and live and work in Jersey subject to local housing requirements . The bottom line is that free of restrictions labour will generally migrate to areas where quality of life and the chances of and rewards for employment are highest. A rising population is generally indicative of economic success a falling population of economic decline. This is the primary reason why 18 of the world s 50 fastest growing cities in 2012 were in China whilst at the bottom of the list why Lisbon and Athens saw their populations fall by 4% and 5% respectively in just one year. The European Union is at its heart a huge economic experiment and as was the case with the reunification of Germany in the early 1990s it is attempting to break down economic and political barriers between states so that over time wealth will be more equitably spread and greater integration of its citizenry across national boundaries will result. The early period of this integration has caused massive social upheaval as vast swathes of citizens from less wealthy states have migrated to those countries where greater economic success provides more attractive prospects. Given the continent s barbaric history this greater integration is an overwhelmingly positive aspect of the move to a federal Europe. In wealthier states which have continued to struggle with the ravages of the global financial crisis unemployment has risen while average wages have stagnated and all at a time where immigrant populations have continued to grow. It is perhaps unsurprising that this has seen tensions grow and more protectionist political parties prosper. Jersey is not immune from these pressures and the manifestos of our prospective politicians and results of our social surveys are obviously reflective of this. With tax revenues from the finance DEFINITION The Fool A privileged position held at an ancient king or queen s court the fool was not taken seriously by the high and mighty but was the only person able to speak the truth to power. The Greater Fool Theory The belief held by one who makes a questionable investment with the assumption that they will be able to sell it later to a greater fool . 58 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com industry falling Social Security and pension obligations growing and Jersey s historic problem of a shortage of affordable housing it is easy to see the arrival of more people as a threat to our lifestyle. However unpalatable it might be to certain people the reality is that Jersey needs immigration if it is to continue to see economic growth and indeed as highlighted at the recent Institute of Directors population debate at a time when other many other small island communities are seeing depopulation Jersey must be doing something right if people still want to come here. Not that things couldn t be improved of course. A focus on attracting high net worth immigrants who tend to pay a high real level of tax and rely little on the Island s public health and educational provision should undoubtedly continue. (Yes it creates a certain level of social division but how many new residents earning an average wage do you need to pay the minimum level of tax paid by a 1(1)K ). Strict criminal record checks on new arrivals and perhaps something along the lines of New Zealand s exclusion of those with certain health conditions which are likely to have a significant long term cost to our healthcare system might make both social and economic sense. But perhaps 77% of our population and 100% of our politicians should be careful what they wish for (even if the political types may have had their fingers crossed behind their backs). We may be entering a period where baseless political promises and our population s major concern might begin to be met whether it s good for us or not. The growing political influence of Ukip upon government policy in the UK evidenced by David Cameron s recent spat with the outgoing president of the EU over the ability of the country to determine its own immigration policies and the economic reality of many years of financial repression for the continent if it is to escape its own debt crisis make Britain s ongoing membership of the union less certain. Could Jersey continue its open door policy with Europe if the UK were no longer a member And what would be the consequences for the Island if we actually got what 77% of us and our political leaders tell us we need Photography by Gary Grimshaw N O O R D I N A R Y DAY J O B No Ordinary Day Job. Made to Measure Assignment Jersey s recent economy discuss in no more than 100 words. How about this for a first draft Man comes to Jersey on holiday loves it so much he stays starts a business and does well on the back of the thumping economy of the 1980s and the growth of financial services he survives several small recessions until the combination of fewer tourists high rents and a proper bad-boy of a recession forces him under only to re-emerge as a consultant with low overheads. The trends in that story are common the man at the heart of it much less so. He is Vincent Vasos Vasiliou and this is what actually happened to him - James Filleul reports. You can see the attraction the chance of playing beach football five times a day with English professionals who were also here on their summer break in those days it was St Aubin St Ouen or St Brelade for English football s glitterati rather than Mauritius Malaga or the Maldives. For a young man who loved football what could be better than a holiday in Jersey in the last years of the 1960s Vince Vasiliou loved it. The son of a Cypriot chef had trained as a tailor heading into the West End of London every day after school to feed his passion for fashion and learn his trade. When he left school at 15 he passed his trade exams and then went straight into work on Savile Row the street in Mayfair which is thought to have originally coined the term bespoke so in this case quite literally the place where it all began. It was a love which was always within me. It just comes from within that s all I can say. That s not a bad way to be able to describe the activity that dominates every day of your working life. For Vince it was following in the footsteps of his uncle and becoming a tailor measuring making and then fitting bespoke suits for men which he says in the stylish 1960s were far more common than they are now. So from Savile Row to Jersey by way of beach football on holiday. He opened a shop firstly in Sand Street and then in Cattle Street this time called Wings I started selling the odd pair of jeans and made 2 of profit on a pair on jeans which in those days it was fantastic I did nothing for that and earned myself 2 without sewing a stitch Gradually slowly but surely I got into retail. Remember that description of retail. That originally it was a way of earning money that didn t involve the long hours actually sewing each jacket or pair of trousers. So in essence it seemed an easier choice. It was to get harder. But first the boom years. Vince established his next shop Riva as one of the first to move into the rebuilt West s Centre after the old cinema was knocked down in 1977. The business plan was to bring top brands to Jersey like Versace Armani or Ermenegildo Zegna and combine that with personal service for the growing market of finance professionals. Now that s not a bad plan for someone who loves fashion but when you add in the fact that Vince was opening Riva on the cusp of the finance boom of the 1980s and you begin to see genius in the timing. The City was booming all the City boys used to come over for weekends they used to treat their lads and one day alone someone walked in and paid me 14k which in those days it was big money and www.bailiwickexpress.com NOVEMBER DECEMBER CONNECT 61 N O O R D I N A R Y DAY J O B that s the way it was in those days. The little recessions we had I don t think it really affected retail. That last phrase is worth repeating ...the little recessions we had I don t think they really affected retail . In other words the Island s economic triumvirate of finance agriculture and tourism were strong enough to protect even a single shop from the pernicious effect of recession. Strange how things change. Which is how it continued for nearly 30 years. But then just as the economic winds steadily drove success in Vince s direction in 1977 they conspired to blow it away again after 2006 The last six years I was at Riva there was less and less footfall ie global recession less tourism people had less money in there pockets and I was having to balance the books borrow money every year just to keep it afloat which was very difficult but I had access to money which I could borrow. And it went on and on. I got behind on the rent. Fair play to the landlord he tried to do what he could for me and in the end he said I m better off taking it (the shop) back Vince it ll do you a favour which he did. All the clothing shops it s happened to all of them a lot have gone by the wayside right behind me. Tourists . Definition commonly taken to mean just people on holiday but actually means anyone coming to Jersey for business or pleasure who are willing to spend their money. Also known as inward investment . To a retailer fewer tourists actually just means fewer customers which Vince had to cope with at a time when the recession sucked spare cash from people s suit pockets and when his main overhead the rent was fixed until the lease expired and that proved The ratio of rental to your turnover is imperative it must be right. There s no point paying 40k a year in rent if you are turning over 150 - 200k there s no point. And that s where retailers are at. I would say most landlords need to drop their rent by at least 25% at least maybe 30%. 62 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com to be too long away to save the shop. The ratio of rental to your turnover is imperative it must be right. There s no point paying 40k a year in rent if you are turning over 150 - 200k there s no point. And that s where retailers are at. I would say most landlords need to drop their rent by at least 25% at least maybe 30%. Received wisdom is that it is the internet which has driven the demise of the local shops that rely on face-to-face sales. But for Vince that wasn t the main issue there isn t an app (yet note to Digital Jersey) for advising on measuring and then fitting a bespoke suit. His advice to current retailers is to invest in staff training as he believes that personal (he uses the word honest ) service will always give them the edge. Rather for Vince the problem was a business issue which has existed as long as we have had shops matching rental to turnover. Lower footfall major problem. Vince s solution was to borrow and then borrow some more in the hope that he could keep his business trading each year until the lease expired and he could re-negotiate the rental. He did it for six years until 2012 but by then it was too much. Closure. I was devastated totally devastated because all of a sudden I had no income. None whatsoever. I had two kids had to sort out their education and I thought where do I go from here I owe the bank money I owe the finance company money. So I was devastated. But everyone was very good to me and gradually I got the debt back down. For those who are blas about what happens to the owner when a business fails or who perceive it is only the employees who are hit hard while the employer simply shuts up shop and heads home consider this next quote carefully It was terrible it was like a Greek tragedy. I was going to the doctor shaking at night I couldn t sleep. It was horrible like a semibreakdown. But I kept on telling myself things will get better things will get better you have to try and be as strong as you can. For Vince it was the end of 35 years of work. The path which had started in Mayfair looked like it was going to finish in West s Centre. Remember things will get better. To go forward he needed to get back to what made him go off to work every day in London after school at the age of14 fashion and deeper the desire to improve what he still calls a person s presentation . It was that I loved for someone to walk in and allow me to improve their presentation that was the all important thing. That was a challenge and I was always up for that challenge. I miss that. I miss it. It was a joy I go on a high when a client comes in. I made a profit which was I always very grateful for but it was about serving the client it was a joy. After years of letting the customers come to you why not go to them instead So that s what he does. With low overheads he sets up appointments www.bailiwickexpress.com NOVEMBER DECEMBER CONNECT 63 N O O R D I N A R Y DAY J O B with customers at home or in the office and advises them measures them and then commissions a madeto-measure suit. With thousands of swatches for fabrics and linings the client with Vince s guidance can choose the ideal suit for their needs right down to the buttons on the cuff the pattern on the lining or the configuration of the pockets even down to a specific one for your mobile phone. The trend now is for sharper lines sleeker trousers tighter waists a slimmer silhouette. If that description has you heading back to the changing room in embarrassment hold on the whole point of bespoke tailoring is that even if that is not your natural body shape a well fitted suit will still greatly improve your...er...presentation. But what if your tastes are a little off beam I tell em straight. I say lets take it out into the light I know what s going to suit anyone. I ll change their minds for their benefit because I know certain colours won t suit certain people. When a client gets a made to measure suit and it fits him he recognises it straight away. Recently it s got a bit sloppy with the office workers but I m beginning to see everyone sharpening up a bit particularly the people at the head of their business they want to look impeccable suit collar and tie. Without the rent to pay he can be much more competitive on price so where an Armani suit off-the-peg might have cost 795 in the shop the same price these days will buy you the bespoke version tailored to your specific choices and precise body shape. If Vince is right perhaps the wheel is about to come full circle. Maybe as the economy improves we will all start to pay more attention to our presentation Now I m not against an openneck shirt but what happens is you re out in a smart suit you bump into a few ladies and they say you look impeccable you always get a remark I think that s how important it is people do notice I tell em straight. I say lets take it out into the light I know what s going to suit anyone. I ll change their minds for their benefit because I know certain colours won t suit certain people. 64 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com iSPY Welcome to iSpy a new columnist whose role is to observe and comment on those who normally do all the observation and commentary the media. Nothing is sacred from their seat in a local newsroom iSpy will be turning skeptically through the pages of Connect and Bailiwick Express too as well as the work of agencies and the chatter on social media. PUTTING THE ASS IN ASSASSINATION The one face missing from the night though not a broadcaster is an absolute media darling. Beloved of journalists across Jersey the one the only Nicholas Le Cornu esquire s political career is - for now - over. In his short time in office he proved to be the gift that kept on giving. And however much he may argue journalists conspired to ensure he was booted out it could not be further from the truth. For great news copy radio commentary and TV pictures Nick is a dream. It was a political assassination by the media and the establishment proffers our Nick. In his view his failure to get re-elected was everything to do with a concerted campaign against him and nothing to do with his near invisibility on the election trail and the small matter of smearing a politician recovering from a serious illness. Nick though is like Teflon. Nothing sticks to him in his view. It s all always somebody else s fault... and the fact the good people of St Helier exercised their democratic right is neither here nor there. That said what next for our Nick We note Matthew Price has taken a sabbatical from the breakfast show on Radio Jersey. While Ashleigh has been partnered with the guy who does the sports news surely mixing things up by pairing her with Nick in the morning is the only way The fair-minded tolerant and tempered analysis of Nicky-baby would surely be a ratings smash. At a time Radio Jersey seems on a steady decline in audience terms here s the answer. Instead their latest schedule shuffle sees Kevin Pamplin shift from teatime to lunchtime and Tim Prior changing from planning sport in the office all day to presenting the drive-time show. It is currently a radio station that is perfectly ordinary in some ways so inoffensive it is the audio equivalent of beige. It s doing nothing wrong... but that s the point. In an increasingly fractured media world being fine OK and ordinary just isn t good enough. And when we fund it all through a government-enforced tax we should expect more. A bit like the States... If you re a journalist iSpy wants titbits from your newsroom if you re in the headlines iSpy wants the inside track of your media encounter if you re a reader viewer or listener let iSpy know if you ve stumbled across something that s worth sharing. Email in confidence to ispyjersey live.com THE FUTURE S BRIGHT... We ve made it to November. We survived the great General Election of 2014. We dodged the candidates blocking our way on King Street. We developed selective blindness to block out the posters and banners on every lamppost and roundabout. And we nodded sagely at all who promised a fresh start a new dawn a next generation of politics. And then reality set in. Here we are with the same old faces in the same old seats doing the same old jobs but with one of two titivations here and there. Three new celebrity additions to the States chamber should in theory add some life to proceedings and in at least one case a little bit of journalistic rigour. There s old telly hand Russell Labey and radio presenters Peter Mac (Mclinton) and Murray Norton. It s interesting that all three did well and - perhaps - re-affirms that name recognition with voters trumps any discernible policies. We ll be watching all three with interest. Two of them at least arrive with a set of policies. One arrives with enthusiasm and showmanship but an alarming display of vacuity. Which is which is for you and them to suss out. www.bailiwickexpress.com NOVEMBER DECEMBER CONNECT 65 GLASS HALF FULL voicemail service on their main telephone number to capture calls. However the world has moved on with both businesses and consumers expecting to be able to speak to someone immediately. Voicemail is going the way of the posted letter with most people choosing not to leave a message. There is also an inherent issue with voicemail in that the caller cannot be completely sure the message will actually be picked up and in what time frame they can expect a response. Alternative suppliers are also now easy to find with a quick glance at Google or elsewhere on the web. If businesses do not effectively capture the sales opportunity the first time there is unlikely to be a second time. Glass half full with... DAN CATTERMOLE SmartOffice is a Channel Islands company offering a suite of virtual assistance services to local businesses. Director and co-founder Dan Cattermole is optimistic about setting up a business in Jersey. There has never been a better time to be running or starting up a new company. The reason for this is simple technology. The business tools that were previously the preserve of large organisations are now available to all through what has become known as the cloud and even better for very little money and no long-term commitment. These tools allow smaller organisations to operate more professionally efficiently and cost effectively than ever before whether it is by having up-to-date financial information on their smartphones through an accounting app to being able to invoice on-the-go as work is completed or taking care of cash flow through a low-cost cloud-based direct debit system. Even more importantly though these tools allow small businesses to outsource non-core elements of their operation to local suppliers who can deliver the service on demand and on a pay-as-you-go basis enabling companies to become more nimble and adaptable as their operating environment changes. These internet-based software programmes and services have inbuilt collaborative capability thereby allowing companies to provide access to suppliers to perform specific tasks instead of the work being undertaken in-house. In the past a company s bookkeeper would have needed to be in the same office as the client in order to work on the company s accounting software. This can now be done from anywhere. This model also allows smaller businesses to access additional services which add value but would not be financially viable if resourced internally. An example of this is with a company s call answering or receptionist function. A large proportion of business communication has moved to email but there is still an awful lot of business done over the telephone. Most small companies cannot afford to employ a full-time receptionist so either pay someone to cover a few hours a day or rely on a standard Technology is now allowing businesses to use an outsourced call answering service to manage calls that previously would have gone unanswered. This allows firms to capture all sales opportunities and to also improve their customer service to existing clients as calls are always answered by a professional assistant. With this in mind along with a fellow director I launched SmartOffice a virtual assistance business to support companies across the Channel Islands. Outsourcing routine administrative and secretarial tasks to a local partner can allow firms to concentrate on putting their expertise to work to grow revenue whilst also minimising operational overheads. Larger firms had in the past ventured into the outsourcing space typically with mixed results. A compelling reason why so many of these projects failed was because of the cultural and geographical obstacles that got in the way of providing great service when it was delivered from overseas. We believe that in order to provide the highest levels of customer service it is imperative that suppliers understand the nuances of local culture the Island geography and even things which seem small but are really important such as the correct spelling and pronunciation of family and place names. 66 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com WITH OUR RANGE OF MORTGAGES YOU COULD MOVE IN FASTER With a same day decision in principle your new home could be closer than you think. Choose from the flexibility of fixed and variable mortgages or the ability to borrow up to 100% of the house value . Call our friendly mortgage team today who will help guide you through the home buying process and get your dream house on its way. CALL US ON 730730 PO Box 509 Fairbairn House Rohais St Peter Port Guernsey GY1 6DS www.skiptoninternational.com Security guarantee can take the form of an interest earning deposit with Skipton International Limited (SIL) or a charge on another property. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Minimum age 18 years. All mortgages are subject to status and valuation. SIL requires a first charge on the property as security. SIL registered in Guernsey 30112 is a wholly owned subsidiary of Skipton Building Society (SBS). SBS established 1853 has given an undertaking agreeing to discharge the liabilities of SIL in so far as SIL is unable to discharge them out of its own assets and whilst SIL remains a subsidiary of SBS. SIL is a participant in the Guernsey Banking Deposit Compensation Scheme. The Scheme offers protection for qualifying deposits up to 50 000 subject to certain limitations. The maximum total amount of compensation is capped at 100 000 000 in any 5 year period. Full details are available on the Scheme s website www.dcs.gg or on request. SIL is licensed under the Banking Supervision (Bailiwick of Guernsey) Law 1994 as amended. To help maintain service and quality telephone calls may be recorded and monitored. SIL abides by the Jersey Code of Practice for Consumer Lending. P O L I T I C S Connect s political columnist Ben Qu r e spent far far too long covering the States during his 13 years as a noted news reporter and commentator. In Here s The Thing... he takes on a key subject each month drawing on his experience knowledge and contacts to lift the lid and stir things up If you want to contact Ben Qu r e please email ben bailiwick publishing.com he Chief Minister tops the poll but the Treasury Minister barely scrapes in. There s a huge influx of new Members but the party that promised to shake up politics fails to add to its numbers. Some of the government s biggest critics lose their seats but the only one of the Council of Ministers to fall is the one that the ministers wanted out anyway. So looking back on the General Election of 2014 what does it all mean Here sthething. It all depends entirely where you sit. The Keep the Constables campaign will see their clear margin of victory as an end to the most boring debate in human history but it won t be. The Council of Ministers will feel they had a good night. Reform Jersey will see evidence that reform is needed. The opposition to the right of the ministers basically evaporated. Nick Le Cornu saw orchestrated political assassinations Rob Duhamel saw that he paid the price for being too honest and Philip Ozouf s take on his tight finish was that it was purely down to being bold enough to take tough decisions without a thought for his personal popularity (an assessment difficult to square with his late pre-election offer to St Helier residents over the States paying rates). That s all pretty subjective and some of it is completely insane. But the most remarkable thing about last month s election is one that s been most quickly glossed over and it s one that if you think about it isn t really disputable. Step back a moment just over a year ago a survey sampling Jersey households showed that only a quarter trusted the government just a few weeks ago a further survey described the Council of Ministers as terrible and the biggest story running into the polls was about how a 95 million deficit has sprung up in public spending at the last minute prompting inevitable questions about tax rises and or spending cuts. None of that looks great for the ministers and yet against that background Chief Minister Ian Gorst topped the Senatorial poll. It s a remarkable feat. To be fair he lost about 1 500 votes on his 2011 performance but despite ill-feeling about ministers and the States generally there s no more popular politician in Jersey at the moment than Ian Gorst. It s a T result that throws more than a little doubt on Senator Ozouf s analysis of his own electoral performance and it s a huge mandate that meant the Chief Minister s election process was nothing more than a coronation process with the only reputed candidate backing out of a challenge. And although he s pretty poor at political manoeuvring and shenanigans (witness his failed decapitation of Honest Rob the Environment Minister) the Gorstmeister had a better three years than either of the other two blokes to hold his job before him. He s the first Chief Minister to run for re-election the first to finish a term without losing one of his ministers along the way and the first to take the top job unopposed. He also managed to push through the States a whole stack of changes that both of his predecessors would have loved to have got through but didn t have the nerve or muscle to go for he s already got a foreign minister and cut the spending debates down to one every three years not to mention managing to push the States into borrowing cash for the first time (however economically illiterate that actually is from the point of view of the humble taxpayer). And now he s held on to the gig he s also got a bunch of new powers strengthening his hand (and again Walker and Le Sueur would have been delighted with these) allowing him to sack ministers reshuffle portfolios and bind his cabinet with collective responsibility so that they have to back group decisions. There s also substantial stuff too the long-term care scheme the start of the new hospital project incorporating the Airport and harbours (almost) sorting out FATCA and the French blacklist issue and the CSR cuts (for a flexible definition of cuts ). There s also soft stuff including the deal for Plemont the Freedom of Information Law the start of Digital Jersey compulsory cycle helmets for kids and the new Innovation Fund. All of which sets up a second term in the top job that looks like it might be equally if not more challenging than his first. The Chief Minister is going to have to deal with a stack of issues that are going to provoke the public in a way that few political matters do including the structural deficit property tax changes immigration policy education reform gay marriage and finally admitting that the Waterfront development ain t going to happen. You can argue about what those issues mean and what how they should be handled and you can even argue about what the election results mean what you can t argue about is that the public want Ian Gorst to run the show. Think about how the public in the UK feel about David Cameron (net approval score -7) or how the public in France feel about Monsieur Hollande (approval rating 13%) or the US public feel about Obama (46%) anyone of those guys would kill for the mandate that Jersey s Chief Minister got last month from the electorate and the States Chamber. He s built up a strong position and a huge amount of political capital now he s got to use it. 68 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com 8 OFFSHORE JURISDICTIONS GOAL Behind the facts and figures you will find one cohesive firm. Appleby one of the world s largest offshore law and fiduciary groups. With strong connections and skilled teams we deliver a seamless service across jurisdictions sectors and international borders. 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Visit www.eandl.org.uk bex or Call 08448 547 614 Entertainment & Leisure Insurance Services (Jersey) Ltd is authorised by the Jersey Financial Services Commission to carry out General Insurance Mediation Business (reg. no. 111681) and is an appointed representative of The Equine & Livestock Insurance Company Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (reg. no. 202748). D E A D LY D I A R Y 5 November Chamber of Commerce lunch guest speaker Mark Boleat Imagine it a politician speaking realistically about Jersey s population policy carefully explaining why we can t really do anything about it and how we d be better off dropping the charade and getting on with life. Trouble is Mark Boleat may be a politician but he s not a Jersey politician. He s some kind of grandee for the City of London which gives him a bit of detachment from the whole shebang over here. Not so much detachment mind you that he s averse to kicking up about the education system or chairing the States of Jersey Development Company and the Channel Island Competition Regulatory Authority. Expect cogent and coherent analysis of population policy. Do not expect a straight answer on what s going on with the Waterfront. he s likely to get a challenge. Treasury is a big big job - Philip Ozouf has been there for six years now but the word on the street is that he s going to get some kind of mysterious Assistant Minister gig. If that s right there will be no-one on the new Council of Ministers who was on the original version in 2005. 11 November States Election of Scrutiny Panel chairmen And after all of that excitement States Members dutifully trot back to the Chamber for an utterly pointless day in which the poor witless leftovers that aren t trusted with a proper job get thrown some scraps from the table to fool about with for the next threeand-a-half years not to mention the toothless waste-of-time that we call the Privileges and Procedures Committee (PPC). The idea for Scrutiny was that it was going to be a serious exercise to challenge ministerial policy the reality is that it s a bunch of leftovers and people who don t fit in with the ministers pursuing individual hobby horses and heading off on bizarre ideological tangents. Even when they put out a decent report and let s be fair and say that happens maybe three four times a year it s completely ignored by everyone. And don t get DD started on the PPC. Oh go on then. Should be the best gig in the States running the disciplinary hearings and sorting the rabble out but instead it runs around in circles. It would be a laughing stock only it s not in the least bit funny. 6 November States Ministerial elections In a way this is The Big One. The identities of the ministers running the departments are crucial to the direction and priorities of those departments for the next three-anda-half years. And this time around should be a bit more interesting the Home Affairs Education Environment and Social Security gigs are vacant and we re likely to get a new supremos for Health and Housing. It turns out no-one wants the Economic Development slot apart from the boy Farnham so the big question for DD is simply does he get to keep the ring-binder The big one here could be the Treasury portfolio which has continued to grow and expand in the last three years Alan Maclean is the name that the Gorstmeister is putting forward but 13 November House Price Index Good Lord something approaching an actual issue. You d struggle to find something more relevant to Islanders lives than house prices you d also uu www.bailiwickexpress.com NOVEMBER DECEMBER CONNECT 71 D E A D LY D I A R Y struggle to find something that States Members are less interested in. At the last count a three-bedroom house cost just over half-a-million pounds. The last quarter also showed the first rise after four consecutive quarters of drops in values. 3 December Retail Sales Index Q3 2014 Picture it just three weeks to Christmas an extra blanket on the bed happy faces in town kids getting excited about school holidays and presents. Who would threaten this peaceful and delightful scene What kind of degenerate would see misery amidst all this joy Yep retailers. Precisely what happens between being the kind of friendly helpful person who actually does the work in shops and being the kind of miserable doom-laden Eeyore-impersonator who owns them has never been clear to DD. Expect some distinctly unseasonable moaning from the shopkeepers on 3 December. 25 November The States Christ. Cannabis petitions Freedom of Information rules bits and pieces updates about the States employees and the Ombudsman come and marvel at the awesome power of democracy. Or don t your call. This will be the first question time for the new set of ministers which is always fun. The best debate looks to be Deputy Carolyn Labey s proposal on extending the Freedom of Information Law to States-owned bodies watch various ministers scrabble around for some weak justification for why sometimes secrecy is good... 10 December Jersey Economic Trends 2014 Lovely stuff the final economic verdict on the last Council of Ministers and it arrives just a few months too late to actually help anyone at the ballot box. This report wraps up employment stats prices spending and economic performance. You d think that this kind of stuff would be immensely interesting to political types but frankly they ll be more likely to be wittering on about election results or superconstituencies or something. There won t be much new in the report but it ll capture a bunch of stats to set out the long-term trends and will point out pretty much where we are in the economic cycle. 26 November The Jersey Annual Social Survey DD loves a good set of stats the Jersey Annual Social Survey is the best that we get. The survey collects data on a weird and wonderful range of questions and gives a definitive statement on what Islanders think and how they live. It is an excellent excellent thing the last one revealed a few home truths on employment interaction with government information sources money matters and leisure time. What this one has covered will be a mystery until it comes out if you only read one of these things DD would genuinely recommend that you take 15 minutes and have a read through this going on recent form you ll be shocked appalled and delighted in equal measure. Deadly Diary - every month Connect will be flicking carefully through the future calendar of political and business events ...and chewing over what it finds there. 72 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com L I N K E D To Home People Contacts Groups Jobs Inbox Companies More People differences is that I am given the freedom and opportunity to develop and grow my own clients within the Investec group. Investec does not pigeon-hole its clients the bank offers a unique approach and is able to tailor solutions to suit an individual client s needs. What are the major challenges in your job At present the most challenging part of my job is getting the Investec executive mortgage message to the market. Our mortgages are bespoke and reflect the circumstances and requirements of the borrower and it s not easy to market a product that is not based on conventional terms. The market itself is showing signs of improvement and activity levels have certainly increased over the past 12 months. There has been talk for some time about the general housing market being flat but in Jersey but things are actually looking pretty good. There is a greater level of acceptance on the part of vendors as to the realistic value of their property which has stimulated activity and I would definitely say the market is recovering well. There are lots of new wealthy individuals coming to the Island and Locate Jersey is doing a great job in showcasing the considerable benefits of our Island to these people. I do believe that there are exciting times ahead. You re obviously driven and committed to your job what do you do to relax I don t have too much time for hobbies and I m not one for sitting around. I have lots of out-of-hours business development initiatives so I don t actually have a lot of spare time in the evenings. I have four lovely children aged from eight to 12 who keep me very busy. If I manage to juggle any free time I do enjoy yoga cycling and socialising with friends. Investing in the future Almost a year into the job Investec Executive Mortgage Officer Karen Scott explains why she sees such a bright future for Jersey. What was your remit when you joined Investec and how has the first year gone I was brought in to launch the Investec Executive Mortgage in Jersey. It s an interest-only flexible mortgage product aimed at high net worth Individuals entrepreneurs company directors and professionals. We always tailor the mortgage to meet the client s individual needs with flexible features such as ability to repay the loan early without any repayment penalties. Investec s executive mortgage minimum loan amount is 350 000 with no upper limit depending on affordability. My first year has gone really well I have been very successful in raising the awareness of Investec executive mortgage locally and converting many of the new enquires into new mortgages. What attracted you to the position I liked the idea that it was a different role for me with the ability to develop this new business stream from scratch and put my own stamp on it. I ve already managed to build up a healthy client portfolio and this I feel is down to a number of factors. Firstly with over 30 years experience in the industry I have learnt how to build and most importantly maintain good relationships with clients. Investec is entrepreneurial and has its own ethos which I really like. There are no job titles as such and you are given the freedom to operate in your own way which is so important in building lasting relationships. Much of my business focus is around establishing new contacts and proving that you can meet and hopefully exceed clients expectations. The people I work with at Investec help create a good working environment which is vital as you spend so much of your time at work. What s different about what you can offer at Investec The service I offer is a very personal with a true one-to-one relationship. Investec does not operate call centres or answer phones you can always get hold of me personally. I am fully qualified to give advice during the mortgage process and have an extensive contact list within the industry to help provide specialist help. One of the key Lending built around you For more information about our range of specialist banking services including our executive mortgage product please contact Karen Scott on 01534 512 653 or visit www.investec.co.uk executiveproducts Investec Bank (Channel Islands) Limited is part of Investec Private Banking and a wholly owned subsidiary of Investec Bank plc. This document is distributed by Investec Bank (Channel Islands) Limited which is licensed in Guernsey by the Guernsey Financial Services Commission under the Banking Supervision (Bailiwick of Guernsey) Law 1994 and the Protection of Investors (Bailiwick of Guernsey) Law 1987 to carry on banking and investment business. Registered Address Glategny Court Glategny Esplanade St Peter Port Guernsey GY1 1WR. Registered Number 5845. The Jersey Branch of Investec Bank (Channel Islands) Limited is regulated by the Jersey Financial Services Commission to carry on deposit taking business under the Banking Business (Jersey) Law 1991 as amended. The Jersey Branch registered address is One The Esplanade St Helier Jersey JE2 3QA. Telephone calls are recorded. Your home may be repossessed if you do not keep up repayments on a mortgage. This is for information purposes only and is not to be considered a formal offer or solicitation of an offer to subscribe to the Executive Mortgage or any other financial instrument. Applications are subject to status and availability 74 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com C34330.003_CI_Connect_Oct14_40x182_v2.indd 1 20 10 2014 15 22 O h eac ut dne We ay sd Happy Monday With over 700 jobs online at www.bailiwickexpress.com and an email service sending the latest jobs straight to your inbox there s no better place to start your job search than Bailiwick Express. Why not sign up today And enjoy your next Monday MUSINGS OF A MARKETER What value a marketing degree Connect s marketing columnist Sam Watts has been committed to all things marketing and brand for more than 20 years. Founder and director of Channel Islands communications agency Orchid she is passionate about the power of communication. As my boys grow up I am aware that very soon they ll be considering their choices for the future. What subjects to take what career path to follow. I think the reality is dawning on them that the professional footballer route may not be as easy to achieve as they once believed. So what if one of them wanted to follow in my footsteps Perhaps take over at the helm of Orchid one day The million dollar question is would I advocate them going to college to study a marketing degree In my heart of hearts I think the answer would be no. Likewise if they wanted to do anything other than a career that necessitates it I do think nothing quite beats on-the-job apprenticeship experience. This isn t to undermine those institutions that offer very notable degrees on the subject. But having worked in the industry now for more than 20 years - and seen a number of candidates wanting to rise through the marketing ranks - I think that in our industry there are fundamental non-taught skills that create the foundation of a good marketer. For me those skills have to be 1. Commonsenseandapassiontolearn 2. Theabilitytomanageandunderstand people 3. Inquisitiveness 4. Beingbrilliantlyorganised 5. Beingabletostepbackandseethe biggerpicture I have seen too many candidates for a role who on paper would fit the bill. Fresh out of university with their media or marketing degree and a healthy crop of A-levels under their belts. But when you dig deeper to get a feel for the above skills you so often hit a brick wall. You talk to them about what inspires them what they read watch and listen to to expand their thoughts and opinions who they admire and would like to emulate and they stare back at you blankly. But I ve been to college I ve got the qualification give me a job I was asked to meet a young chap the other day who is keen to develop in his marketing career. He wanted advice about the Chartered Institute of Marketing qualifications to supplement his existing degree. When I asked him what book he was currently reading he replied I don t have time to read. When I asked what inspired him he couldn t really think of an answer other than the latest FIFA 15 release. And in that moment I felt really sorry for him because unless he fundamentally changes his attitude he will never be a great marketer. Marketers have to have a burning passion for life a desire to learn and a drive to understand and expand their horizons. Without that how can you ever hope to work with a client regardless of industry and have the discipline (and the know-how) to knuckle down and understand their challenges in order to make meaningful creative recommendations in the context of a business need My plea to all those budding marketers out there is to start expending some real energy on developing your non-taught skills. Read read and read some more. Research reports the news and articles insights and social media. Expand your knowledge your opinions and your ability to influence. Learn to tell stories really fantastic stories. The future of marketing will be in creating content founded on brilliant stories that bring a brand to life and help the customer respond to narrative that has quickly grasped their attention. Go out and meet people build relationships and networks understand how relationships build trust admiration and credibility. And work out what makes people tick . It is relationships between customers and companies that maintain sales not hard sell manipulative tactics. Track trends and find out what s happening in the world your neighbourhood your industry. In my mind knowledge is power and experience is king. The world of marketing is evolving rapidly and technology is shaping our future whether we like it or not. Taking more than three years out to sit in tutorials versus learning on the job and expanding your experience network and non-taught skills I know which I would choose to keep me ahead of my peers. If you have a question for Sam please e-mail sam bailiwick publishing.com Would you work with this business TWITTER FACEBOOK LINKEDIN Put a face to your business. We all know the importance of creating a good first impression. At Photoreportage we bring fresh photography to the world of advertising and PR. Working with many of the Channel Islands top corporate companies to produce high quality images that not only support their communication and creative teams but enhance the perception of their business. If you re looking to raise your profile... Contact Gary Grimshaw on info photoreportage.co.uk or call 01534 858 571 CO RPORATE C OMM ER C IAL WEDDING JOURNALISTIC THE ADVISOR Make a Note I have no idea of the statistics but I imagine the odds for any one of us being called to give evidence in a court are low. Most people will go through life without having to provide witness statements or enter the witness box and recount facts of some long-past event. But our trials (both civil and criminal) place a heavy emphasis on witness testimony. In fact many would say it s the heart of any trial. That is surprising when one considers how factually wrong witnesses evidence can be. Nonetheless our courts rely upon it. I have been in many trials in which witnesses under cross-examination make it up . I am not saying they are lying - most don t - but their accounts are still factually wrong and what s more they are made up on the spot even though the witness honestly believes he is telling the truth. How can this be The answer lies in the psychology of our fallible brains. I am not a psychologist (although I studied the subject at A-level) but I don t need to be there is a plethora of information providing enlightening statistics about human recall. In the US studies were carried out by Dr Tversky of Stanford University and one of his conclusions was that when a person cannot remember a particular fact they make inferences. And for Advocates like me when they do this in court it s like a big fat irresistible Christmas present. My experience based on no psychological data whatsoever is that people want to be able to give an answer and provide the information being requested. It happens all the time. Q. But surely you would have seen it you were standing there A. My vision was blocked for a moment. Q. Oh By what A. A car I think yes a car. Olaf Blakeley is an Advocate specialising in litigation and commercial law If you have a legal question you would like to put to Advocate Blakeley please email editor bailiwick publishing.com reported ...many people think that if someone is confident they must be right. You can see how this toxic mix can lead to all sorts of stray court conclusions and decisions. However judges have been alive to the problems for many years. In 1977 the English Court of Appeal laid down important guidelines for judges in criminal trials which required juries to be given certain warnings about the issues that can affect witnesses identification evidence. When the situation for the warning arises judges should remind the jury about the need for caution and also remind them that a mistaken witness can be a convincing one and it is entirely possible a number of witnesses can all be mistaken (and they can ) It is amazing how people s observation can be so fallible. People s attention can become fixated and they miss things happening right before their eyes. In the late 1800s there was a stage magician called Harry Kellar. In terms of fame he was Harry Houdini s predecessor. He was a master at misdirection and used to profess his skill was so good that a ...brass band playing at full blast can march openly across the stage behind me followed by a herd of elephants yet no one will realise that they went by. I also think he was a master of exaggeration. However what he said is entirely possible. In 1999 a Harvard journal reported on a truly perfect example a group was asked to watch a film of people playing basketball. Half were dressed in white the others in black. The viewers were asked to watch intently and count the number of passes made by those in white. During the game a person dressed in gorilla suit walked through the players. Half the viewers didn t even notice. The lesson Make a note. When you have a telephone conversation make a note. In a meeting jot the salient parts down. Keep your notes. Car crash Take a photo with your phone. Better still have a disposable camera with photographic film in your glove box. Have a video function on your smart phone Record the event. The States of Jersey Police have officers with chest-mounted video cameras now taxi drivers and many others have video cameras in their cars. Because give it ten years (or possibly less) a standard question to a witness in court is going to be ... you didn t photograph it Why on earth not All those answers were made up on the spot. The truthful and correct answer to But surely you would have seen it was I can t explain that. I was there but I didn t see it. The problem is that many witnesses appear very confident when recounting events. Well of course they do they believe what they are saying. A psychologist at New York University said in a medical journal ...emotion gives us confidence more than it gives us accuracy and of course court proceedings are charged with emotion. And as another psychologist 78 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com ESSENTIALS GIFT GUIDE Connect s luxury ESSENTIALS SCENT Calvin Klein One This aftershave from Calvin Klein is the ultimate gift for any of the men in your life. One is a crisp cologne which isn t overpowering or musky. It gives off a clean-cut scent which will rejuvenate your senses on those dreary early mornings. A dab of this at the start of your day will see you off in style. Available at Boots or Voisins Department Store. 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Please call 01481 738600 to book quoting Staycation Telephone 01481 724921 Email reservations theoghhotel.com www.theoghhotel.com OGH_Guernsey theoghhotel Staycation offer Packages are available from only 90 per person per night based on two people sharing a Classic Double. Please call 01481 740865 to book quoting Staycation Telephone 01481 726221 Email reservations dukeofrichmond.com www.dukeofrichmond.com DOR_Guernsey dukeofrichmondhotel N O R E Q U E S T I S T O O L A R G E N O D E TA I L T O O S M A L L Single occupancy rates and twin rooms available at a supplement and on request. Valid for stays 1 11 14-31 3 15 subject to availability terms and conditions and black out dates apply. Available for new bookings only ESSENTIALS LO CA L . ON L I N E . .. AN D N OW IN -STORE Anina.je has now opened a boutique within the industrial style warehouse walls of Morton & Morton. With luxurious locally sourced or made items and unique personalised gifts there is an abundance on offer. 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All rights reserved ESSENTIALS BE AMAZED BY AURUM Aurum of Jersey have an exquisite selection of jewellery and gifts something for everyone Stacking Rings Delectably Versatile rings set with gorgeous coloured brilliant cut diamonds from Aurum s handmade Chameleon collection. Available singly or as a set in 18ct gold. Each ring priced at 550 Ever wondered what to give your favourite human bean Pick from our freshly cooked Crock of Beans to see what fun we ve bean having personalising them From 95 in sterling silver. Shown here is Aurum s latest Bling Bean pendant set with brilliant scut diamonds. Stunning and delicate silver flowers for those extra special moments in life a keepsake forever Prices from 65.00 Aurum s latest genuine Jersey Objet d art is a beautiful sterling silver model of the Jersey Apple Crusher well known to Jersey Islanders because it played a vital role in the creation of Jersey Cider. This round crushing stone was drawn round by a horse crushing the main ingredient apples to a pulp. www.bailiwickexpress.com NOVEMBER DECEMBER CONNECT 85 ESSENTIALS Me Myself and Mitsubishi Martha MacDonald takes a look at the new Mitsubishi Outlander PHEV This new release from Mitsubishi is the first plugin hybrid SUV that the world has ever seen. The two electric motors twinned with the 2.0 litre petrol engine engage seamlessly to complement how you re driving at any given time. It s not often that you come across a car of this size and quality with such a low carbon footprint. At 44g km the Outlander PHEV s emissions stand at 50% lower than the official limit making it one of the greenest cars on the market. Its fuel efficiency storage space and comfortable interior make this a perfect family car. Perfect for long road-trips or just a day out to the beach. To find out more about the new Mitsubishi Outlander PHEV visit www.mansellmitsubishi.co.uk Engine size 2.0L Engine type HEV & PHEV engine motor MPG 148 EU Combined No. of seats 5 Safety features 7 SRS airbags 86 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com STEAM ENGINE THE WHEEL 3500 BC 1712 ELECTRICITY 1752 ENVIRONMENTALISM 1960 S JET ENGINE 1930 MOON LANDING 1969 WE HAVEN T JUST MADE HISTORY. WE VE MADE A GALLON OF PETROL LAST 148 MILES . 1 With the new Mitsubishi Outlander PHEV we haven t just made a vehicle we ve made stopping at petrol stations a distant memory. Come and discover the fusion of electric and petrol technology that delivers a staggering 148 mpg and creates such low emissions that it s exempt from both road tax and the London Congestion Charge. If your commute is less than 30 miles your petrol consumption will be minimal too. That s because in full electric mode the Outlander PHEV has a range of 32 miles2. We ve made history you just need to make time for a test drive. We call this Intelligent Motion. THE WORLD S FIRST 4WD PLUG-IN HYBRID SUV FROM 28 999 - 34 9993 MANSELL MITSUBISHI La Route St Aubin St Helier Jersey JE2 3SD www.mansell-mitsubishi.co.uk 01534 880606 Make time for a test drive 1. Official EU MPG test figure shown as a guide for comparative purposes and may not reflect real driving results. 2. 32 mile EV range achieved with full battery charge. 510 miles achieved with combined full battery and petrol tank. Actual range may vary depending on driving style and road conditions. 3. Prices shown include GST (at 5%) and exclude Registration and VED. Metallic paint extra. Model shown is an Outlander PHEV GX4h at 33 199 excluding metallic paint. Prices correct at time of going to print. Outlander PHEV range fuel consumption in mpg (ltrs 100km) Full Battery Charge infinite Depleted Battery Charge 48mpg (5.9) Weighted Average 148mpg (1.9) CO2 Emissions 44 g km. ESSENTIALS HETTICH. PERFECT FOR CHRISTMAS SINCE 1900 What s on your wishlist Celebrate the magic of Christmas with a selection of gifts to delight and enchant from HETTICH JEWELLERS Blue sapphires Coloured gemstones rock especially when they re a beautiful selection of graduating sapphires surrounded by diamonds and set in this statement pendant. Perfect to unwrap on Christmas morning you ll find this unique piece of jewellery at Hettich Jewellers. Sapphire and diamond pendant with graduating blue sapphires in a fancy pear shape design in 18ct white gold 2 310 Chopard Happy Diamonds Pendant Treat someone special to this striking good luck charm from Chopard. A tribute to good fortune this beautifully crafted eye pendant in white gold features a freely-moving diamond at its centre. Chopard Happy Diamonds Eye pendant 18ct white gold with floating diamond 1 925 Rolex Submariner Date Is it time to reward yourself The Rolex Submariner has to be the quintessential divers watch as comfortable on land as it is in the ocean where it ll hold its own to depths of 300 metres. Subtly refined to match its rugged elegance with the best precision engineering inside its 40mm case the Submariner is an instantly recognisable classic worn by explorers adventurers and innovators. Is it time to join them Rolex Submariner Date 5 000 at Hettich Jewellers the only official Rolex supplier in Jersey. On track Perfect for any racing fan this stylish precision stop-watch inspired limited edition desk clock from TAG Heuer will keep them on track. Discover it at Hettich Jewellers now. Limited Edition TAG Heuer Master-Time automatic desk clock 1 270 Hulchi Belluni The latest luxury brand to arrive at Hettich Hulchi Belluni is designed to reflect the energy of chi in its design and concept. We think these stacking rings featuring spheres of invisibly set diamonds will be an exquisite addition to your Christmas. Hulchi Belluni 18ct rose or white gold diamond rings from 1 150 88 CONNECT NOVEMBER DECEMBER www.bailiwickexpress.com All available at Hettich Jewellers 1 King Street St Helier. Tel 01534 734491 or visit www.hettich.co.uk Business in 2015 WIN an iPad Air 2 The latest way to enjoy the latest news from Bailiwick Express The iPad Air 2 has landed (and looks great) so we ve decided at Bailiwick Express HQ it would be great to thank one of our readers by giving one away as soon as we can get our hands on it If you d like to be in with a chance simply SIGN UP for one of our news or classified emails. To create your FREE account go to www.bailiwickexpress.com. Closes 30th November 2014. The winner will be announced on our Facebook page. The four pillars of commercial success Jersey Business provides free independent and confidential advice and support to businesses in Jersey. Board member and interim CEO Eliot Lincoln is also the founder of change management consultancy Greenlight. He looks ahead to the next five years. with consumers talking to each other and direct to their provider of choice. To take advantage of this trend then Jersey businesses need to make sure that the conversations they have with their customers and what their customers say about them to other customers are positive. Customer service excellence will be king in the new world. It is essential that we start to talk our way into the hearts and minds of our trading partners and our customers. We have to tell our story in a confident and informative way communicating to our target markets either here or overseas that we have the skills services products and mindset to compete for and win new business. We need to be looking beyond our own shores and horizons. We need to explore new markets outside of Jersey that are likely to yield valuable relationships and growth potential. A great deal has been said about the digital revolution and businesses ignore it at their peril. The rate of technological change over the last five years has been phenomenal and unsurpassed in our lifetime the iPad is barely four years old A great deal of work is being done in Jersey to equip our businesses with the right tools to operate successfully in this modern marketplace and businesses need to seize these initiatives and learn to use them effectively. We have to nurture the talent we have growing up in the Island today so that they can play an active and effective role in the Jersey of tomorrow. It is not enough to challenge educators to produce the workers of tomorrow all businesses have a responsibility to become a part of that story to help shape and guide our young people so that when they are ready they can be a part of our future. At Jersey Business we are looking forward to 2015 and helping new and existing businesses to embrace and capitalise on the opportunities that are arising. When I look back on the coming year I want to see an economy that is supported by businesses that have grabbed the digital age that understand what the customer experience should be and that have ventured into the export market. We wish all Jersey businesses success as the economy strengthens again. The world has changed and continues to change at a rapid pace. Businesses that embrace that change that are openminded to the new reality will benefit from the wave of growth that is beginning to emerge. If our economy really is in the recovery phase local businesses must seize the opportunities for growth that will present themselves. To do that Jersey entrepreneurs need to focus on what I believe to be the four key pillars that will underpin our commercial success over the next five years digital technology customer service export and education. Those business that want to be here in five years time need to let go of how things were five years ago. There has been a trend towards disintermediation by cutting out the middlemen info jerseybusiness.je 01534 610300 www.jerseybusiness.je TELECOMS Moving forward with telecoms Just 30 years ago most people thought of the telecoms industry as doing little more than providing a means for people to speak with each other across distances. Today telecoms is seen as the lifeblood of economies and societies across the world. In Jersey our economy depends on an extremely high level of connectivity to ensure that Island-based businesses can engage with global markets. Our community relies on the internet for myriad reasons including entertainment communication and increasingly health services. It has taken Sure just ten years to become a major part of Jersey s telecoms infrastructure and here we outline some of the key industry features that we expect will make up the coming year in telecoms. Powering your data Data hosting and the huge range of cloud services available to businesses are becoming evermore in demand as companies understand that the cloud is a safe and cost-effective option. There is little doubt that over the course of 2015 we will see more and larger companies looking for private or hybrid cloud services and as racks grow in density so our data centres are seeing an increasing demand for power. As a result we are looking forward to the Normandie 3 power cable delivering a more resilient power supply to the Island. Closer to home our Foreshore data centre is installing a new array of diesel generators which will increase the security of power at the centre. A great deal of demand for data centre services is being driven locally as firms become more familiar with the cloud and the flexibility and security it can deliver. However we are also seeing demand being driven from overseas as companies look for safe data companies that are not within the reach of the US government. This has been driven by the ongoing court case between Microsoft and the US government that has seen rulings granting the Treasury access to the remotely hosted data of US companies. Foreshore has no links to the United States and as such is a safer option for firms that want to maintain the privacy of their clients data. The cloud is maturing and companies are realising that a well-managed cloud can deliver greater security more easily than in-house services. Our Intrusion Protection and Detection Systems (IPS IDS) for instance reacted instantly to the recent Heartbleed and Shellshock bugs protecting our services and maintaining data integrity. Next year could well be the time that the cloud grows up and Sure s clients know that they can rely on Foreshore to keep their data both secure and instantly available for them. 4G superfast mobile broadband Regulatory issues have held back the introduction of 4G superfast mobile broadband networks but all being well 2015 will be the year in which mobile broadband takes a giant leap forward. Crucially we intend to be at the forefront of this mobile revolution. 4G heralds a step change in the capabilities of mobile networks and at the same time as launching 4G Sure will be completely renewing its second and third generation networks. This means that all Smartphone and mobile data users will see a significant improvement in their mobile data experience and Sure customers will be among the first in the Channel Islands to experience 4G for themselves. 4G is also the technology that will finally deliver a truly mobile working environment. The increased data rates on 3G and 4G will make full mobile cloud access possible across the Channel Islands. In turn this will enable the complete adoption of mobile data capabilities in businesses. With firms increasingly turning to the cloud for their IT systems services and storage staff will II CONNECT BUSINESS IN 2015 www.bailiwickexpress.com Sure Sure is a major supplier of mobile broadband fixed line data centre and enterprise solutions to consumers corporate and public sector clients in Jersey Guernsey and the Isle of Man. The enterprise division Sure International specialises in offshore connectivity enabling Island firms to connect and transact with their global partners. Foreshore is Sure s Jersey-based data centre and a leading provider of hosting email solutions online backup and other internet solutions. be able to access virtually every file no matter what its type or size on their mobile devices. The potential for 4G to have a transformative effect on the workplace makes it a truly exciting technology and we are determined to make it available to all of its customers. With this in mind we will not be charging a premium for 4G data services and all customers will automatically be able to use it as long as they have a compatible handset. We see 4G as vital for all mobile users so we are insistent that nobody will have to sign a separate contract to access the superior data rates. Most importantly once everything is in place we believe that all Sure mobile users will be astounded by the power of our new network Opening up the landline market Whilst there has been competition in Jersey s telecoms market for some time landlines which form the spine of the sector have remained subject to a monopoly. Unfortunately opening up the market which was initially planned for 2013 was further delayed by a court case. The good news however is that our customers will be able to access lower prices from the middle of 2015 when the market for individual landlines is finally opened up. As well as offering landlines for a lower price Islanders will at last be able to buy full packages of telecoms and multimedia services from Sure which means they will be able to enjoy having a single telecoms supplier offering lower pricing and superior customer service. Once competition on individual landline services has been introduced we will start pushing for the removal of one of the last barriers to true telecoms competition which is the opening up of the market for multiple landline services. Competition in telecoms has proven to be hugely beneficial to Jersey and we will continue to push for the rights of Islanders to enjoy a full range of choice in telecoms services by working with the regulator to completely open up the market. Building better broadband services As Islanders increasingly connect to Jersey s fibre network it is vital that we begin to see consistency in the reliability of service as well as pricing that enables all to enjoy the benefits of superfast broadband. Since the first proposals for an Islandwide fibre network became public Sure has been at the forefront of arguments to maintain affordable broadband. We are continuing to work closely with the regulator to ensure that the wholesale pricing models which dictate the price that resellers like us must pay for broadband services and provide enough room for us to be able to offer genuine value and choice. While we are restricted to wholesaling residential broadband services this does not stop us innovating and investing in our own infrastructure so we can offer our customers a wider range of products than would otherwise be available. On the business front we have built our own fibre network linking firms in St Helier and other semi-industrial areas like Rue des Pr s and connected this back to the core distribution network. Before the launch of our fibre network businesses were being held to ransom by the lack of choice in the market but through innovative thinking and in a clear sign of our commitment to Jersey we laid our own network which is proving an extremely popular choice with firms from all sectors. Graham Hughes. Chief Executive Jersey. hello sure.com 0808 10 15 247 www.sure.com LAW Upstream oil and gas Overview of the industry Jersey is an increasingly popular base for international natural resources companies including those in the upstream oil and gas sector. The oil and gas industry comprises three main areas which are normally categorised as follows. Upstream whichisthe explorationfor appraisal of developmentand production of oil and gas. Midstream whichis the development and use of infrastructure for the transportation and stabilisation of oil and gas normally from an upstream production facility to a downstream processing facility. Downstream whichisthe development and use of processing facilities to convert the produced oil and gas to marketable products and the transmission and retail of such products. The upstream stages that lead to production include the following. Anoilandgascompany will assess geological and geophysical data in order to identify a territory of interest. Anagreementwillbeentered into between the State and the oil and gas company to govern the company s operations in the particular territory. Thecompanycarriesout geophysical surveys in the territory. Adrillingsiteforanexploration well is chosen based on the results of such surveys. Ifhydrocarbonsarediscovered then technical and economic feasibility studies will be run and a field development programme will be prepared. Aproductionwellisdrilledand the hydrocarbons are extracted. Contract types Outside of North America contracts for the exploration development and production of oil and gas involve a relationship between a country s government or a state-owned enterprise which owns the oil and gas in the ground and an oil and gas company. There has historically been a balancing act between the interests of hydrocarbon rich countries many of which have developing economies and foreign oil and gas companies looking to exploit new territories. Many countries have needed to rely on foreign company expertise in order to develop their resources. This has led to the challenge of how the hydrocarbon revenues should be shared. The two main categories of contract that have been used by countries (outside of North America) in their upstream oil and gas industry are concessions or licences and production sharing agreements. Concessionsorlicences Early relationships between countries and international oil and gas companies tended to be governed by concessions. Originally such concessions vested property rights in the hydrocarbons still in the ground to the foreign companies and over time became to be viewed as unfair. This led to some countries especially those which had developed their own national oil company s expertise cancelling foreign company concessions. The nature of concessions has changed over time. Under modern concessions and licences the state grants an oil and gas company the exclusive right to exploit natural resources in a particular area over a specified period of time in consideration of the payment of fees taxation and or royalties. The contracts do not vest title in unproduced hydrocarbons to the oil and gas companies. The United Kingdom operates a licence regime. The Petroleum Act 1998 vests all rights to the UK s petroleum resources in the Crown but the government can grant licences that confer exclusive rights to search and bore for and get petroleum. Licences are IV CONNECT BUSINESS IN 2015 www.bailiwickexpress.com Parslows Parslows are a full-service law firm acting for clients in all fields of Jersey law from corporate law SME litigation and dispute resolution to personal injury claims family law probate and property. issued by the Secretary of State for Energy and Climate Change through competitive licensing rounds. Each licence will contain a work programme which will need to be carried out for the licence to continue beyond its initial term which is usually an exploration period of four to six years. A second term of four to five years is intended for appraisal and development and the licence then enters its third term for production which is 18 to 20 years. ProductionSharing Agreements(PSAs) As the original concession system became outdated countries that did not have national oil company expertise still needed foreign company input though wanted to maintain sovereignty over their resources. These countries led the development of PSAs. Under a PSA title to the unproduced oil is vested in the State and the parties to the PSA share the production of the hydrocarbons produced. Legal title to the overseas company s share of the production only transfers once it has been produced. David Hill. Consultant solicitor. The oil and gas company is required to make certain investments and often bears the risk of the exploration phase. The overseas company can usually recover its initial capital expenditure and certain other costs from production in the form of cost oil . The State is normally represented by a national oil company which contracts under the PSA and receives the State s share of profit oil . Often the national oil company s costs in the early stages of the process are paid for carried by the overseas company. The national oil company then repays this carry from its share of profit oil . PSAs have been common in Africa and Central Asia and can last for 30 years. Why Jersey The Economic Development Minister has stated that whilst the finance industry will remain the engine of Jersey s economy it is imperative that business diversification is encouraged to create a more dynamic and vibrant economy. Locate Jersey was created in 2012 to promote attract and retain inward investment and has been active in attracting natural resources companies to the Island. Jersey is a leading international finance centre with excellent legal accounting and financial service professionals is very well regulated and has a strong economy and probusiness government. Tax rates for individuals and companies are among the lowest in Europe with many companies being charged income tax at zero per cent. The fact that there are currently no capital gains capital transfer inheritance or gift taxes also attracts entrepreneurs setting up new businesses. The quality of life in Jersey also sets it aside from many European locations. The schools and healthcare system are world class and it is a safe and secure environment. Parslows look forward to more natural resources companies basing themselves in Jersey and our team welcomes opportunities to work with them. david.hill parslowsjersey.com 01534 630530 www.parslowsjersey.com MARKETING Content is king in 2015 If you only do one thing to market your business in 2015 what should it be I will come on to the answer in a minute. The reality is the world we live in is changing rapidly. Up until now traditional marketing has looked something like this you the brand has identified your target customers and then a big chunk of your marketing budget has been spent via an intermediary (a newspaper TV station radio station magazine) trying to shout out your message to interrupt them and get their attention. But over the past few years this landscape has changed. The internet has come on to the scene coupled with the rapid adoption of the mobile. Today more people are going online via a mobile than any other type of device researching sharing and engaging on the go 24 7. Almost overnight the world has got really exciting for brands. Suddenly your ability to reach customers directly and to create meaningful two-way conversations often cutting out the middleman media owner has become a reality. In order to engage with customers we are seeing brands becoming publishers in their own right. Taking control of their messages and the creation of their own content and directly engaging with customers to share it and promote it. By way of example Marriott recently announced the launch of its global creative and content marketing studio with the clear vision to focus on nextgeneration travellers and drive new business. They have formed a content studio with content development production and distribution teams dedicated to publishing distributing and sharing digital and filmed content across television online digital and print distribution platforms. OK I m not saying you need to invest in a global content creation studio like Marriott but the principal that they are significantly re-allocating their marketing bucks to invest massively in this new way of working can t be ignored. Thanks to the impact of mobile and internet your customers today are ninjas. They are stealthily evaluating you right under your nose. By the time they get in touch to get a brochure or to enquire they have inevitably done their online research and formed an opinion about your business. Smart companies are now recognising this and are generating useful content or self-service information that gives customers the opportunity to find the answers they want before they need to get in touch. Even Rupert Murdoch has identified this trend Technology is shifting the power away from the editors the publishers the establishment the media elite. Now it s the people who are in control. So what is content The Content Marketing Institute defines content marketing as ...a marketing technique of creating and distributing valuable relevant and consistent content to attract and acquire a clearly defined audience with the objective of driving profitable customer action. Much of it you may well be using already just perhaps not with a defined content and editorial strategy for its creation and distribution. Most popular content types include social media blogs articles e-newsletters case studies videos in-person events infographics online presentations white papers research reports webinars and webcasts print magazines microsites books digital magazines annual reports e-books and podcasts. But why bother Bottom line is that in today s digital age attention is earned not purchased. As Jay Baer says in his brilliant book Youtility ...smart marketing is about help not hype. So finally to answer the question if you do one thing to market your business in 2015 VI CONNECT BUSINESS IN 2015 www.bailiwickexpress.com ORCHID ORCHID is a an award-winning communications agency with a reputation for delivering market-leading inspiring and successful campaigns for Channel Island and UK businesses. From planning your campaign to protecting your reputation ORCHID is with you every step of the way. We listen and understand advise and support challenge and encourage. This unique partnership will help you navigate the modern marketing mix so you can build and maintain your brand. Don t be amazing. Be useful. Success is flowing to those companies that inform not organisations that promote. The secret is in providing useful information that is provided for free that creates long term trust between a company and its customers. And this concept works whether you are a oneman-band or a multinational organisation. What are the benefits of creating and sharing great content Youguaranteevisitors return regularly to your website and social media sites. Youinevitablyrankhigher in Google searches. Itdemonstratesyour expertise and friendliness. Youattractattentionand make your brand more interesting than that of your competitors. Youtriggerengagement and start to build valuable relationships. Importantly yougenerate leads and increase sales. Andgoodcontentis shared whichexpandsyour reach and again helps your ranking in online searches. Many businesses will balk at the idea of creating all this stuff if it can t be measured. But it can. And that s why it is so brilliant as part Sam Watts. Director. of your marketing communications mix. Most popular metrics include website traffic your ranking on search engines the amount of time prospects spend on your website and the generation of sales leads. You can work out which metrics are most valuable to your business strategy and implement a way of creating benchmarks to track success over time. For a shot of inspiration I urge you to go online and see what companies in your sector are doing to lead the way in content. Four brilliant examples include American Express OPEN Forum Businesses of any size can learn something from the OPEN Forum posts by American Express. Postscentreonleadership customerservice marketingand technology andtheyposition American Express as a true partner to business owners. Callaway Golf s YouTube channel Excellent content that isn t overly salesy or promotional their videoscoverallsortsofhints tips and tricks for golfers in relation to technique and equipment. Youdon thavetobeaCallaway customer to benefit from this content but next time you re purchasingagolfclub youmight justconsiderCallawayfortheir know-how and generosity. Intel iQ A classic example of greatB2Bcontentmarketing IntelrunsablogcalledIQthat s ..a peek at the outer edge of design technology socialand big data. The blog is largely based on content curated by employees proving the point that you don t have to create all your content from scratch. It is absolutely fine to curate great content that you find on other sites aslongasitcomplementsthe theme of your content strategy. Charmin Youknowthemfortheir commercials featuring adorable bears butin2014Charmingot clever and created a mobile app appropriately (or inappropriately) titled sitandsquat whichallows customers to find public toilets on the go. The app is creative and clever but its real brilliance resides in the fact that once a customerfindsapublictoilet they can then rate it based on its sit-ability(ifit sanicerestroom) or if a person should opt to squat (if it s not so nice) instead. I am not saying get rid of your traditional activity altogether. But in 2015 you have to recognise the huge opportunity that content holds for your business. In this always-on digital age where your customers choose when and where to tune in to promotional activity you simply won t survive if you continue to rely on interruption marketing. hello orchid.je 01534 888992 www.orchid.je STOCKBROKING Making the most of the returning market Given the events of the last few weeks the title of this article may seem a little presumptuous as doubts over the health of the global economy have returned largely fuelled by the spread of Ebola and political unrest. Despite headline figures suggesting a reduction in the pace of growth in some of the world s major economies particularly China and the Eurozone most commentators expect growth to continue even if it is at a slower rate than the market bulls might like. In contrast to this the UK appears to be bucking the trend and strong UK growth forecasts should have something of a knock on effect in Jersey. One particular area that has been benefitting is prime commercial property which provides an attractive investment opportunity as it produces a regular high yield. In recent months it is noticeable that there has been a contraction in rental yields. But why Over a long period of time there has been consistent demand by businesses in the Island wishing to relocate to modern offices in the prime office area along the Esplanade. As existing leases have expired or advantage has been taken of Ravenscroft are the managers of the locally-listed Channel Islands Property Fund. The fund is incorporated in Guernsey and listed on the Channel Islands Securities Exchange. Its aim is to provide a return from a combination of capital growth and an appropriate dividend policy through the acquisition and active management of commercial property predominantly in the Channel Islands. The Island is fortunate enough to be able to boast a strong array of global business players as potential tenants and there still appears to be appetite at a number of banks to fund large commercial property transactions. A combination of these supply and demand factors has recently resulted in increasing asset prices. break clauses companies have been able to upgrade to better premises as their businesses have expanded or merged enabling them to provide better working conditions for their staff which in turn enhances their ability to recruit high calibre staff and project a more prestigious image. One of the fund s qualities is that the assets within the funds are tangible and investors particularly Channel Islands residents can see and touch the properties that the fund owns. The current portfolio includes 11-15 Seaton Place 17-21 Seaton Place 17-18 Esplanade and 40 Esplanade in Jersey and Regency Court and Glategny Court in Guernsey. The market in prime grade commercial property across the islands has in the past been dominated by institutional investors based in the UK and other jurisdictions along with ultra-high net worth individuals. The Channel Island property fund now allows all types of investors access to this interesting market as the minimum investment is just 5 000. VIII CONNECT BUSINESS IN 2015 www.bailiwickexpress.com Ravenscroft Ravenscroft (formerly Cenkos Channel Islands) is an independently owned investment services group based in the Channel Islands which manages more than 1.5 billion in assets for both private clients and institutional clients from around the world. Ravenscroft is licensed and regulated by the Guernsey Financial Services Commission regulated by the Jersey Financial Services Commission and is listed on the Channel Islands Securities Exchange. We are also members of both the London Stock Exchange and Channel Islands Securities Exchange. Ravenscroft are also investment managers to Bailiwick Investments Ltd which was established with the objective of attaining long-term capital growth by investment in a diversified portfolio of investments. These will principally be businesses property and assets situate registered headquartered or managed from the Channel Islands or in relation to which there is a material Channel Islands interest. This means that the fund can invest into a range of different businesses and industries beyond the property market. Bailiwick Investments is committed to backing well-run businesses based in either Jersey or Guernsey. Historically the funding for these businesses which contribute significantly to the growth in the islands economies has been from bank debt or the owners own pockets and occasionally even friends and family. Bailiwick offers another route providing long-term capital either debt or equity provided in support of management. It has similarities to a private equity fund but focuses on selecting local businesses with strong management teams who are normally significant shareholders themselves. The fund allows islanders to invest in these medium-sized businesses thereby fuelling future expansion that will provide growth in the island therefore hopefully completing a virtuous circle. As well as the management of the two boutique funds described above Ravenscroft also provides traditional execution and advisory stockbroking segregated and pooled investment management market making and corporate finance services. The company s aim is to be the leading Channel Islandsbased investment services firm by fostering a reputation for exceptional client service integrity and accountability. We firmly believe that the Channels Islands is an excellent place to do business and our specialist investments provide investors with the chance to capitalise on local opportunities. Haydn Taylor. CEO Ravenscroft Jersey Limited. Stockbroking & Investment Management. info ravenscroft.gg 01534 722051 www.ravenscroft.gg TECHNOLOGY Imagining the future We have all heard the technology clich about how quickly it moves and innovation unfolds. In this case the clich is true many of the tools that we reach for unconsciously every day have gone from concept to widespread use at lightning speed. In just ten years institutional tech giants like Facebook (created in 2004) twitter (2006) the iPhone (2007) Dropbox (2008) and the iPad (2010) seem to dominate our worlds. For this reason it is fair to predict that the next steps in innovation will be just as fundamental and will develop just as fast. If we consider how quickly the idea of wearable technology became a reality it s not hard to see how the latest trend of smart payment systems promises to make our life easier and will equally make us even more reliant on our devices. Likewise with the growth of machine-to-machine tech or the the internet of things it won t be long before your fridge will be talking to your online supermarket to restock itself teenager s cars will be tracked wherever they go and your heating will respond automatically to the weather in fact we are almost there. Future technologies ultimately promise the convenience to enable you to do more of the things you want to do when you want to do them. However what underpins all of this isn t just innovation in terms of design and function. Nor is it down to the reach of globalised markets that enable the same technology and applications that sit on your phone to also sit on the handset of a student in California an office manager in Singapore or a street cleaner in Tokyo. It is actually something more basic and fundamental the availability and provision of fast robust data connections. This is where service providers such as JT play a vital role. By understanding and anticipating where the future of technology is heading we can ensure we build the networks that will support our customers needs now and in the future. Of course installing new and robust infrastructure takes time and budget which is why we also need that foresight to be sure that what we provide not only meets the demands of our customers today but that it will grow with our customers needs as demand requires it to. It is for these reasons that two of JT s developments and investments next year centre on delivering this very promise continue work on our Gigabit Jersey programme to install fibre to every property in Jersey and alongside this introduce a completely new 4G network across the Channel Islands. Not everyone agrees. Some telcos around the world are investing in trying to squeeze more life out of their existing copper connections but the reality is that copper networks were originally designed to only support a landline service not high-speed broadband. Perhaps a little more capacity can be pulled out of them but they are limited by the basic laws of physics. That s why we believe the future is fibre. With regards to our mobile network it s fair to say that the Channel Islands are three years behind the UK in introducing 4G however by waiting technology has moved on. We are now in a position of being able to install a state-of-theart network to provide our customers with a superior service compared to that in the UK. Our 4G network which we have just begun to install is built on a long-term evolution (LTE) advanced framework that s a technical specification X CONNECT BUSINESS IN 2015 www.bailiwickexpress.com JT JT have over 120 years experience in telecommunications and are dedicated to delivering worldclass services. We are a full-service global consumer and business enterprise provider with services covering domestic fixed landline through to leading-edge data hosting for the e-gaming industry. As a State-owned company for over 120 years we have always placed our clients and customers at the heart of our organisation and all we do. We will work together to develop cutting edge and leading technologies we will anticipate and make the new and complex accessible and simple for all and we will respond quickly all with a community focus for your benefit. that means our network will be faster more reliable and more powerful than conventional 4G services. It also means that we can adapt more easily to the next generation of mobile data services as and when mobile technology inevitably progresses. Two big trends ones to watch Other trends we re seeing and expect to grow next year are the merging of seamless connectivity between mobile data broadband and Wi-Fi. Seamless connectivity means the ability to start watching a video on your tablet at work (through your office Wi-Fi) continue watching on your mobile while waiting for the bus (through your 4G connection) and then finish on your HD screen at home (through your fibre broadband connection). Indeed some of the latest handsets already have the technology and applications to power this known as miracasting . The streamlining of devices also looks as if it will become a big trend there are people in my office who have three mobiles a tablet and a laptop. Add to that the computing power in your smart TV and desktop and there s an awful lot of computing hardware that is potentially redundant at any given time. We expect that to change to the point where we have just one device that is portable and one that isn t which in turn should also mean that it reduces costs for consumers. However the future unfolds at JT our vision is to become the partner of choice global telecommunication innovation and to ensure we anticipate and deliver on these technologies with one group in mind - the needs of our customers. Dave Newbold. Chief Operating and Technical Officer at JT To find out more about JT s products and service why not visit www.jtglobal.com Finance Building success in overseas markets Driven by two significant trends globalisation and population growth - demand for financial services will continue to be a major theme for Jersey s finance industry in 2015 and it s vital that Jersey keeps watch of global wealth shifts and reacts accordingly. India and China will for example soon resume their place as the largest economies in the world seven of the ten fastest growing economies of the last few years have been African in 2013 the size of the HNWI population in the Middle East increased by 16% and a recent PwC survey indicated that the global asset management industry will grow from 65 trillion to in excess of 100 trillion by 2020 covering all corners of the globe. According to the Cap Gemini and RBC World Wealth Report 2014 HNWIs took on a more global mind-set in early 2014 allocating over one-third (37%) of their assets outside of their home region up from one-quarter (25%) the previous year. As cross border finance grows around the world so too will the demand for tax neutral capital raising and pooling centres. What is clear is that business in overseas markets is becoming increasingly driven by a need for a quality service. Where jurisdictional choice is concerned the days of choosing the quickest cheapest option are gone. In our experience the overseas markets business we are seeing is driven not by tax but by a need for expertise knowledge the availability of a range of structures and strong legislation in one easily accessible jurisdiction. Jersey is well placed to capture this flight-to-quality and investors needs for jurisdictions of substance and we are already seeing the impact of these trends. Jersey s banking sector continues to attract capital from around the world - deposits emanating from the Middle and Far East represent around 17% of the total value of deposits in Jersey whilst it was calculated last year that around 1 2 trillion of assets are held in Jersey trust foundations and SPV structures a significant proportion from markets beyond Europe. The latest figures for 2014 also show that there are over 100 registered Jersey companies listed on international stock exchanges with a total market capitalisation of more than 210 billion. Overseas Markets In line with global wealth patterns in markets around the world and in response to moves towards greater transparency within financial services Jersey has invested time and resources to ensure we continue to raise jurisdictional awareness in key markets. There is now a much greater focus on certain African markets whilst the Far East and countries in the Gulf region continue to provide good sources of business right across the funds corporate and wealth management sectors. Given its significance in the global economy for instance financial reform in China has the potential to be of hugely significant economic consequence in the world today. With 46% of Chinese HNWIs planning to invest in overseas markets within the next three years it s clear that the kind of financial liberalisation we are seeing in China will create more opportunities for closer cross border cooperation and more business flows between Europe and the Far East and this is of real interest to finance professionals in Jersey. Meanwhile one of our strongest markets of the last two decades has been the Gulf where wealth management and investment planning is now not only the preserve of ultra-high net worth individuals living in the UAE. It is also increasingly considered by many expatriate workers and by the companies that employ them and it is estimated that expatriates make up around 90% of the UAE s population. As a gateway to Western markets this offers Jersey real potential. Recent commercial activity has included a series of high profile London property investments on behalf of Gulf investors which have been transacted through Jersey. A number of leading families in the region have also in consultation XII CONNECT BUSINESS IN 2015 www.bailiwickexpress.com Jersey Finance Jersey Finance a not-forprofit profit organisation formed in 2001 promotes and develops the Island as an international finance centre of excellence. It communicates the many factors that make Jersey a leading international finance centre. It also actively represents the Island s finance industry s needs and concerns with regards to legislation regulation and other key areas of innovation that can enhance Jersey s product offering. with their advisers formed private business structures in the Island. The global demands of the non-resident Indian market meanwhile offer Jersey prime opportunities whilst the infrastructure investment opportunities in Africa are providing a growing number of fund and corporate structuring opportunities. International Standards A consistent concern we still hear in key overseas markets is in respect of tax disclosure which is leading to investors more carefully scrutinising their offshore structuring arrangements. Certain IFCs will find it difficult to demonstrate appropriate substance some banks in China are refusing to open accounts for structures based in certain IFCs for instance - whereas Jersey with its broad and deep finance industry and infrastructure is well placed. As one of the best regulated IFCs globally Jersey has in place a strong regulatory framework that meets international standards including making entities fully accessible under Tax Information Exchange Agreements (TIEAs). The Jersey Financial Services Commission also has bilateral and multilateral MoUs with regulators in over 70 countries Geoff Cook. CEO Jersey Finance. including China India the UAE and Qatar. Such moves are important in overseas markets where robust regulation is a major competitive advantage. With increasing amounts of confidential data being exchanged across borders data security is a real concern too and making sure Jersey s balanced approach to transparency and confidentiality is understood in overseas markets has become vital. At the same time over-regulation is a concern particularly when considering European crossborder money movements. The raft of EU regulation MIFID EMIR the proposed Financial Transaction Tax is a concern for foreign investors which is why IFCs like Jersey which are outside of the EU but instead adopt a good neighbour policy are proving attractive. Looking Ahead For those firms in Jersey with an interest in the Far East Gulf region and Africa there is certainly plenty of opportunity. But to be successful the focus has to be making Jersey s commitment to quality service levels and high standards of professionalism understood in target markets. Looking ahead it is vital that we maintain our momentum in delivering Jersey s positive messages overseas. That s why Jersey Finance affirmed its commitment to maintaining strong relationships with the greater China market this year by appointing a new Business Development Director in Hong Kong and establishing a Launchpad presence in Shanghai and why we have bolstered our permanent representation in the Gulf and India. We also roll out our inaugural Jersey Finance Asia roadshows in November visiting Hong Kong Kuala Lumpur Singapore and Dubai. But closer to home we must also retain our political and fiscal stability a government that backs one of the best governed international finance centres on the planet an employment market that grows its own highly skilled talent a sensible population policy and a focus on technology. The breadth and depth of Jersey s finance industry combined with its flexible innovative approach and collective expertise is helping attract increasing levels of business from major markets worldwide right across its core banking funds wealth management and capital markets sectors. Giving ourselves the best chance of building on this success should be a major focus for us next year. jersey jerseyfinance.je 01534 836000 www.jerseyfinance.je The directory Address Telephone Email Website 31 The Parade St Helier JE2 3QQ info jerseybusiness.je 01534 610300 jerseybusiness.je 4th Floor Sir Walter Raleigh House 48-50 Esplanade St Helier Jersey JE2 3QB 01534 836000 jersey jerseyfinance.je jerseyfinance.je No1 The Forum Grenville Street St Helier Jersey JE4 8PB 01534 882345 jtglobal.com First Floor 3 Mulcaster Street St Helier Jersey JE2 3NJ 01534 888992 info orchid.je orchid.je 17 Broad Street St Helier Jersey JE3 4FQ 01534 630530 enquiries parslowsjersey.com parslowsjersey.com PO Box 419 13 Broad Street St Helier Jersey JE4 5QH 01534 722051 info ravenscroft.gg ravenscroft.gg XIV Richmond House 8 David Place St Helier Jersey JE2 4TD 01534 888291 business sure.com sure.com CONNECT FINANCE www.bailiwickexpress.com TO SELL SELL SELL YOU NEED KNOW-HOW KNOW-HOW KNOW-HOW. You may have a great product or service. But knowing how to market it is key. An effective marketing plan will enable you to identify and reach your targets with an effective communications strategy. And this is where we come in. So who are we The Jersey Business team is a team of skilled professionals who provide free independent confidential advice and support to businesses in Jersey. Covering guidance on writing a marketing plan to operational considerations business strategy and financial planning. Get in touch today - and find out how our expertise can benefit your business. YOUR COMMERCIAL JOURNEY OUR EXPERTISE START-UP IMPROVE GROW EXIT PLANNING FINANCE OPERATIONS CUSTOMERS EXPERTISE. SHARED. www.jerseybusiness.je info jerseybusiness.je (01534) 610300 31 The Parade St Helier Jersey JE2 3QQ SIGN UP TO OUR E-SHOTS INSPIRATION. SHARED. Bite-sized business updates and inspiration selected by the Jersey Business team delivered straight to your inbox www.jerseybusiness.je inspiration Ambitious Prepared What an international business should be John Carroll Head of International Santander UK Connected International trade can unlock significant growth but is often complex. So whatever your sector our Trade Portal has been developed to help you identify the largest markets understand local regulations and connect with potential customers and suppliers on the ground. And with access to Trade Club an exclusive online community for international businesses we could give you the best chance of success overseas. To see how far your business could go visit santandercb.co.uk tradeportal email Stephen.OBrien santander.co.uk or call Simple Personal Fair What a bank should be Helping Businesses go Further GET CONNECTED WITH MORE THAN ANY OTHER INTERNATIONAL BANK 5 million customer source Santander Group internal data. You need to be an online banking customer of Santander Corporate & Commercial to gain full access to the Trade Portal and Trade Club. Santander Trade Portal is provided and managed by Export Entreprises S.A. Santander provides access to its client companies but is totally unrelated to the database contents which are the responsibility of Export Entreprises S.A. Santander Corporate & Commercial is a trading name of Santander UK plc registered in England company number 2294747. Registered o ce at 2 Triton Square Regent s Place London NW1 3AN. Santander UK plc Jersey Branch is regulated to carry on deposit taking business under the Banking Business (Jersey) Law 1991 by the Jersey Financial Services Commission. Its principal place of business in Jersey is at Third Floor 19-21 Commercial Street St. Helier Jersey JE2 3RU. Santander UK plc is a participant in the Jersey Bank Depositors Compensation Scheme. The Scheme o ers protection for eligible deposits of up to 50 000. The maximum total amount of compensation is capped at 100 000 000 in any five year period. Full details of the Scheme and banking groups covered are available on the States of Jersey website www.gov.je dcs or on request. Santander and the flame logo are registered trademarks. CCBB NOV HT